National Settlement Depository (NSD), Russia’s central securities depository, announces the results of an operational audit conducted by PricewaterhouseCoopers in accordance with ISAE 3402.
The auditors analyzed the status of NSD internal control systems as of 18 November 2013. Systems reviewed provide depository, clearing and repository services. The audit also checked the conformance of control procedures design to the objectives of control.
Key conclusions of the report on the operational audit were as follows:
- The description of the system of internal control over NSD’s settlement, depository, clearing and repository services reflects the processes providing these services objectively;
- 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.
Under the Law “On Central Securities Depository” and in accordance with international standards of control over service organizations, NSD must conduct an operational audit no less than every two years.
The full text of the report that describes the range and limits of the audit and the objective of audit is available here (in English).