The Audit Commission is a permanent body, which is elected annually by the General Meeting of Shareholders and is responsible for exercising control over the Company’s financial and business operations, its governing bodies and structural units.
In its operations, the Audit Commission is governed by the Federal Grid’s Articles of Association and the Regulations on the Audit Commission a revised version of which was approved by the Annual General Meeting of Shareholders on May 15, 2020 (Minutes No. 24 dated May 15, 2020).
The main functions of the Audit Commission are as follows:
- To confirm the reliability of data contained in the Company’s annual report, accounting balance sheet, and profit and loss statement
- To analyse the Company’s financial position, discover ways for improving thereof, and develop recommendations to the governing bodies
- To organise and perform audits (revisions) of the Company’s financial and business operations