1. IFRS & Corporate Self-enforcement
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© THK-BP presentation name
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IFRS & Corporate Self-enforcement
Russian Corporate Governance Roundtable meeting
Murray Easton, Controller TNK-BP
12 November 2004
© THK-BP presentation name

2. A Framework for Self Enforcement
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© THK-BP presentation name
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A Framework for Self Enforcement
Corporate
Governance
FS Preparation
Internal Approval
External
Markets
External
Audit
Consolidation, Conversion & Disclosure
Accounting
Regulatory
Environment
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3. Basis of FS Preparation
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© THK-BP presentation name
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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
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4. Enforcement & Assurance
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© THK-BP presentation name
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Enforcement & Assurance
FS Approval
Board of Directors
Audit Committee
Executive Mgt
Enforcement
- procedures
- compliance
Assurance
- people
- communication
FS Preparation
Accounting
&
Reporting
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5. Enforcement - making it happen …
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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:

6. Assurance - making it happen properly
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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: