Internal Audit Service
The Internal Audit Service of
Air Astana JSC (the Company) was established in December 2007 by a decision of
the Board of Directors of the Company.
The Internal Audit Service is
an independent unit that organizes and performs the function of internal audit
in the Company and reports directly to the Board of Directors. The Audit
Committee oversees the activities of the Internal Audit Service.
The mission of the Internal
Audit Service is to protect and enhance the value of the Company by providing
risk-based and objective assurance, advice, and insight.
The objective of
the Internal Audit Service is to perform independent and objective assurance
and consulting engagements designed to add value and improve the Company's
operations.
Carrying out internal audit activities
The Internal Audit Service is
guided in its work by the following documents:
- The legislation of the
Republic of Kazakhstan;
- The Charter of the Company;
- The Code of Ethics of the Institute
of Internal Auditors;
- The International Professional
Standards for Internal Auditing, the main principles of the professional
practice of internal auditing of the Institute of Internal Auditors;
- The Regulations of the
Internal Audit Service, the Internal Audit Manual, and other applicable internal
regulatory documents of the Company.
The activities of the Internal
Audit Service are carried out in accordance with the Annual Audit Plan approved
by the Board of Directors.
The Internal Audit Service
uses TeamMate+, specialized software, to plan and conduct assurance and
consulting engagements, store data on them, and follow up on the status of
implementation of the recommendations of the Internal Audit Service.
The Internal Audit Service continuously
works on the improvement of the approach and methodology of performing internal
audit engagements. The Internal Audit Service started adhering to an agile
approach to perform its responsibilities in a more effective and efficient manner.
Risk-based selection of audit scope and requirement of root cause analysis
enhance the quality of the audit observations and recommendations. Also, the template
of the audit report, its content, and the style of writing have been updated to make
audit reports more comprehensive to readers.
Conformance to the Standards
In November 2022, the Internal
Audit Service of Air Astana successfully passed an external assessment for
conformance with the International Standards for the Professional Practice of Internal
Auditing and the Code of Ethics developed by the Institute of Internal
Auditors.
This assessment was carried
out by the KPMG Tax and Advisory LLP, which confirmed full conformance of the
Internal Audit Service with International standards for the professional
practice of internal auditing and the Code of Ethics, and highlighted the
following positive aspects of the IAS’s activities:
- Continuous improvement of the
IAS employees’ skills;
- Full implementation of the
Annual Audit Plan;
- Well-structured audit working
documentation, which contains sufficient information and qualitatively
structured audit reports;
- Successful use of specialized
software to automate audit procedures.
This assessment confirms the effective
and efficient work of the Internal Audit Service and its effective interaction with
the Company's departments.