Moscow, 27 July 2005. At its last meeting in the current term, the Audit Committee under the Board of Directors of RAO "UES of Russia" adopted the draft Regulation on Interaction of the Controlling Service of RAO "UES of Russia" with the Auditing Committee and the Internal Audit Department of RAO "UES of Russia", and recommended that the Chairman of the Management Board of RAO "UES of Russia" Anatoly Chubais approve said Regulation.
Under the Regulation, the Controlling Service of RAO "UES of Russia" is to supply the Committee with information on the fulfilment of decisions taken by the management of RAO "UES of Russia" so that the Committee and the independent auditors could give their comments and suggestions, and to inform the Internal Audit Department of RAO "UES of Russia" about the experts engaged in inspections carried out by Auditing Commissions in accordance with the annual schedule of inspections.
In addition, the Audit Committee approved the report in the current status of the project to assess the investment process internal control systems at RAO "UES of Russia" ("Counter Project"), and recommended that the Controlling Service analyse the actual preparation of investment projects; that the Internal Audit Department examine the correspondence of the cost of works and the resources supplied under agreements with a fixed price for implementation of investment projects, to the actual market price; that the Investment Policy Department use the b2b-energo electronic trading system for procurement of works and resources.
The Committee also considered the question of gas supplies at RAO UES Holding Company and reviewed the results of analysis of the 2004 IFRS financial statements of the SDCs of RAO "UES of Russia".
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