Internal Audit

The Audit and Monitoring Department (the AMD) of the PASHA Holding is an integral part of all business processes across PASHA Holding.

The issue of corporate governance has continued to gain widespread prominence in international and local business environment. As a sequence the role of AMD is rapidly increasing in importance and expanding in scope. The AMD is not only critically aware of their responsibilities but also completely understand and embrace them, and recognize what is necessary to fulfill them effectively. The work of the AMD has been evolving in response to changes in the business environment and leading practices.

AMD is committed to provide an independent, objective assurance and consulting activity designed to add value and improve PASHA Holding operations. AMD aims to help PASHA Holding accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes in line with international best practices.

Major functions of AMD are summarized below:

* evaluate and provide reasonable assurance that risk management, control, and governance; systems are functioning as intended and will enable PASHA Holding objectives and goals to be met;
* evaluate risk management issues and internal controls deficiencies and provides recommendations for improving PASHA Holding's operations, in terms of both efficient and effective performance;
* evaluate IT environment and information security and associated risk exposures;
* evaluate compliance with regulatory requirements;
* cooperate with other internal and external resources as appropriate.

AMD role is realized through a series of operational and compliance audits, internal control reviews of major business activities and processes as well as a consulting service. All audits, reviews and consulting services are conducted in a manner that is consistent with the local legislation, standards for the Professional Practice of Internal Auditing as established by the Institute of Internal Auditors, COSO framework and other relevant external and internal regulations.