Corporate governance standards of ER-Telecom Holding JSC are based on the Russian legislation and ensure the interaction of all interested groups
The internal audit commission exercises control over the financial and economic activity of ER-Telecom Holding JSC according to the laws of the Russian Federation, Articles of Association of ER-Telecom Holding JSC and the Regulation about the Internal Audit Commission.
The audits of the financial and economic activity are carried out for a past year or at any time at its own discretion, based on a resolution of the General Meeting, Board of Directors or at the request of the shareholder (shareholders), holding in aggregate at least 10% of the voting shares.
According to the resolution of the sole shareholder of ER-Telecom Holding JSC, the Internal Audit Commission was elected as follows:
- The audit of financial documentation and accounting statements
- The analysis of the financial standing and solvency of the company
- The development of recommendations for the management bodies of the company
KPMG Joint-Stock Company was approved as the auditor of the financial statements and consolidated financial statements of the Company and its subsidiaries..
- The financial statements of the Company are prepared according to the Russian Accounting Standards (RAS).
- Consolidated financial statements are prepared according to the International Financial Reporting Standards (IFRS).