IFRS & Corporate Self-enforcement

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Presentation transcript:

IFRS & Corporate Self-enforcement 12.11.2018 2:15 © THK-BP presentation name 12.11.2018 2:15 IFRS & Corporate Self-enforcement Russian Corporate Governance Roundtable meeting Murray Easton, Controller TNK-BP 12 November 2004 © THK-BP presentation name

A Framework for Self Enforcement 12.11.2018 2:15 © THK-BP presentation name 12.11.2018 2:15 A Framework for Self Enforcement Corporate Governance FS Preparation Internal Approval External Markets External Audit Consolidation, Conversion & Disclosure Accounting Regulatory Environment © THK-BP presentation name

Basis of FS Preparation 12.11.2018 2:15 © THK-BP presentation name 12.11.2018 2:15 Basis of FS Preparation ‘Top-down’ ‘Bottom-up’ Financial Statements IFRS IFRS Extent of Self-Enf Corporate Control Convert Review Group Consolidation RAS IFRS Subsidiary Accounting RAS IFRS shallower scope higher risk deeper scope lower risk © THK-BP presentation name

Enforcement & Assurance 12.11.2018 2:15 © THK-BP presentation name 12.11.2018 2:15 Enforcement & Assurance FS Approval Board of Directors Audit Committee Executive Mgt Enforcement - procedures - compliance Assurance - people - communication FS Preparation Accounting & Reporting © THK-BP presentation name

Enforcement - making it happen … 12.11.2018 2:15 © THK-BP presentation name Enforcement - making it happen … 1. Implementation: Planning & Preparation Education & Training Resources & Organisation Setting Corporate Expectations Role of Controller Internal Control Review Internal Audit 2. Expectations: 3. Compliance:

Assurance - making it happen properly 12.11.2018 2:15 © THK-BP presentation name Assurance - making it happen properly 1. Executive challenge: Internal due diligence Business accountability Risk Management Data + Dialogue = Quality Internal Auditor Statutory Auditors 2. Other Sources: