Article 15. Internal Audit Service of the Law on Endowment Funds and Endowment Funds (Endowments)

Home / RLA / Article 15. Internal Audit Service of the Law on Endowment Funds and Endowment Funds (Endowments)

1. An internal audit service is being established to monitor financial and economic activities and ensure internal control.

2. Employees of the Internal Audit Service may not be elected to the Board of Trustees and the executive body.

It is not allowed to dismiss employees of the internal audit service without the approval of the Board of Trustees.

3. The Internal Audit Service is directly subordinate to the Board of Trustees and reports to it on its work.

4. Internal Audit Service:

1) verifies compliance with the legislation of the Republic of Kazakhstan, the charter of the endowment fund and the internal documents of the endowment fund, which establish the procedure for carrying out the activities of the endowment fund;

2) identifies cases of misuse of funds and violations of fiduciary obligations;

3) annually submits an audit report for the past year for its approval to the Board of Trustees, with an explanatory note attached, if necessary, to the audit report on the presence of identified and (or) potential violations.;

4) interacts with the professional Audit council, established in accordance with the legislation of the Republic of Kazakhstan on auditing, as well as, if necessary, with other audit organizations.

5. The Internal Audit Service is obliged to report directly to the Chairman of the Board of Trustees on the existence of identified and (or) potential violations of the legislation of the Republic of Kazakhstan, the charter of the endowment fund and internal documents of the endowment fund, which establish the procedure for carrying out the activities of the endowment fund.

The Law of the Republic of Kazakhstan dated June 30, 2025 No. 199-VIII SAM.

This Law regulates public relations that arise during the creation, management and liquidation of endowment funds, the formation, replenishment, and dissolution of endowment funds (endowment funds) and the use of their investment income, and the trust management of assets of endowment funds (endowment funds).

President

Republic of Kazakhstan

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