National Settlement Depository, Russia’s central securities depository, has released results of the operational audit conducted by CJSC Deloitte & Touche CIS in compliance with ISAE 3402 Type II (International Standard on Assurance Engagements).
The audit company analyzed the depository’s key business processes, including settlement, depository, and clearing and repository services, as well as associated services related to information processes, such as control over access and change management.
Key conclusions on operational audit results are presented below. In all significant aspects:
- The description objectively reflected the procedures for providing settlement, depository, and clearing and repository services performed during the period from 1 January to 30 June 2017;
- The control procedures connected with the purposes of the control indicated in the description were properly designed and provided a sufficient level of assurance that the purposes of control were accomplished;
- The control procedures tested to provide assurance that the purposes of control were accomplished functioned efficiently during the period from 1 January to 30 June 2017.
The operational audit conducted in compliance with ISAE 3402 Type II standard confirmed the fact that control procedures had been properly designed and functioned efficiently. In accordance with Article 19 of the Federal Law “On the Central Securities Depository," NSD is obligated to successfully complete an operational audit in compliance with international standards for service organizations’ control systems (at least biennially).
The full text of the operational audit report is available here.