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Audit and internal control system

Independent external auditor

Nizhnekamskneftekhim engages an independent external auditor for annual auditing of its RAS (Russian Accounting Standards) financial statements as well as IFRS consolidated financial statements. 

The auditor is approved by the General Meeting of Shareholders upon the proposal of the Board of Directors. Candidates are selected via a tender procedure, which provides for impartiality, transparency, and independence.

Auditor details

Auditor name

JSC PricewaterhouseCoopers Audit (PwC Audit)*

Business address

10 Butyrsky Val St., Moscow, 125047, Russian Federation


By the Moscow Registration Chamber on 28 February 1992 under No. 008.890. Entry in the Unified State Register of Legal Entities made on 22 August 2002, State Registration Number 1027700148431

Taxpayer identification number


Member of a self-regulatory organisation of auditors

the Sodruzhestvo Association

The primary registration number of the entry made into the register of auditors and audit firms


* On 14 June 2022, Nizhnekamskneftekhim was notified that since 3 June 2022 JSC PricewaterhouseCoopers Audit had changed its name to Technologies of Trust – Audit. The remaining information about the auditor, including the Primary State Registration Number (1027700148431) and Taxpayer Identification Number (7705051102) and business address, saw no changes.

Risk management system

The risk management system serves to ensure reasonable assurance in delivering Nizhnekamskneftekhim’s strategic goals, efficiency of financial and business operations, security of assets, timely and accurate reporting, as well as compliance with applicable laws and internal regulations.

The cornerstone of risk management is striking a balance between seizing new opportunities and minimising potential losses.

The goals of the risk management system:

  1. Identification, analysis and assessment of risks, effective risk management
  2. Prevention of risks and mitigation of their impact to an acceptable level
  3. Monitoring of the effects that risks have on the financial resilience, strategic and operational goals, and the Company’s reputation
  4. Improvement of the risk management infrastructure and process, enhancement of the risk management culture

Risk management principles:

  • comprehensive approach
  • shared responsibilities
  • continuity of processes
  • flexibility and openness to change
  • goal setting
  • open communication
  • retrospective risk analysis
  • risk-based decision making

Internal audit

The Company’s Internal Audit Division is tasked with overseeing its financial and business operations. Matters within its scope of responsibility:

  • Evaluation of the risk management system and internal controls, in particular addressing their reliability and efficiency
  • Evaluation of corporate governance and provision of recommendations on how to improve it
  • Interaction with the Company’s governance bodies to boost its operational efficiency
  • Assessment of efforts to secure assets and property
  • Assessment of the Company’s transparency with regards to its operations
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