Moscow, 5 July 2012: Ernst & Young, as an independent expert, conducted SIBUR’s internal audit quality assessment, i. e. reviewed its internal audit function to assess compliance with the International Standards for the Professional Practice of Internal Auditing in accordance with the methodology of the Institute of Internal Auditors, the most competent institution in the field.
The process also included benchmarking against the leading companies and assessment of compliance with the Code of Ethics. In the course of assessment, the experts interviewed the independent directors of SIBUR Holding OAO, the management of the Holding and individual companies and internal audit employees, and reviewed the audit regulations and working documents. Based on the findings, Ernst & Young deemed SIBUR’s internal audit compliant with the International Standards for the Professional Practice of Internal Auditing. Following the assessment, recommendations on the function’s further development were made.
Third-party assessment of the internal audit quality is conducted at least once every five years, a criterion for SIBUR’s corporate governance maturity.