NSD passes Operational Audit

As required by the Russian legislation and in line with international practices, NSD went through an operational audit performed by PricewaterhouseCoopers in compliance with the International Standard on Assurance Engagements (ISAE) 3402.

The main focus of the audit review was the status of NSD internal control systems used in providing depository, clearing and repository services as well as the conformity of the design of the monitoring procedures to the monitoring objectives.

The unqualified audit opinion concludes with the following findings:

• The description of the system of internal control over NSD’s settlement, depository, clearing and repository services reflects the processes providing these services objectively
• The procedures of control corresponding to the objectives of control have proper design ensuring that all objectives of control will be achieved if the described control procedures work efficiently

Impact on investors: The operational audit of NSD has confirmed the compliance of its internal control systems and procedures with international standards and requirements