Internal Audit Report on the Findings of Acron’s Financial and Business Audit Report for 2014
The Internal Audit Team completed scheduled audits of the financial and business operations of Acron (Veliky Novgorod) (“Company”) in 2014 in accordance with Article 85 of the Russian Federal Law “On Joint Stock Companies,” Article 14 of Acron’s Charter and the provisions of Acron’s Regulation on the Internal Audit Team.
The audits were conducted to obtain sufficient evidence that the data contained in the Company’s reports and other financial documents are correct and to identify any failures on the Company’s part to comply with accounting and reporting procedures as provided by Russian law or to comply with any provision of Russian law in its financial and business operations.
During the audits, the Internal Audit Team mainly focused on the following aspects:
- Compliance with laws governing expenditures related to Acron’s personnel training and qualification category improvement programmes
- Client satisfaction with product quality
- Cash application procedure
The audits did not identify any failures to comply with applicable law in the audited matters; all documents requested by the Internal Audit Team were produced in full and in a timely fashion.
Internal Audit Team Opinion on the Annual Financial Statements
The Company’s 2014 financial statements presented to shareholders were audited by the Company’s external auditor, Baker Tilly Russaudit. The Internal Audit Team supports the external auditor’s opinion that the data contained in the Company’s 2014 financial statements, including its profit and loss statement (income statement), are accurate and correct.
The Internal Audit Team further confirms that the Company’s 2014 financial statements are free of any material misstatements, and that the Company conducted its financial and business operations in accordance with applicable law.
Internal Audit Team Opinion on the Information Contained in the Company’s Annual Report
The Internal Audit Team confirms that the information contained in the Company’s 2014 annual report is accurate and correct.
Chair of Acron’s Internal Audit Team IRINA KLASSEN