National Settlement Depository (NSD), Russia’s central securities depository, has undergone an operational audit conducted by PricewaterhouseCoopers in accordance with ISAE 3402.
The auditors analysed 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 said that the description of the system of internal control over NSD’s settlement, depository, clearing and repository services reflects the processes providing these services objectively; and that 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 organisations, NSD must conduct an operational audit no less than every two years.
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