Audit of payments to ensure compliance with Russian legislation

Industry:Equipment manufacturing


International manufacturer of comprehensive and innovative solutions for security printing and leading global supplier of printing equipment for the media industry.

The challengeThe solutionThe result

The challenge

Due to significant business growth in Russia, the customer was faced with the challenge of consistently applying corporate payment policies in their Russian subsidiary. An independent audit of payments had to be performed to assess compliance with Russian legal requirements and group standards in order to unify financial processes and integrate the Russian subsidiary into the company's operational management circuit.

The solution

During the audit, SCHNEIDER GROUP consultants analysed whether the 4-eye principle for payment authorisation (signature of the General Director and the chief accountant) was consistently applied. We also confirmed the availability of receivables and necessary provision for them, and checked counterparties. We monitored the reconciliation of payments with state social funds, checked accounting and tax records, and examined intra-group financial transactions for compliance with currency legislation. An audit of processes for calculating and paying salaries and bonuses to employees, an area of significant risk that traditionally attracts auditors' attention, was also carried out.

The result

Following the audit, the customer received a detailed report with a ranked presentation of non-conformities found and recommendations to eliminate them. Our cooperation continued with the development of internal policies to ensure that the Russian division complied with corporate group standards and the requirements of Russian legislation. SCHNEIDER GROUP consultants undertook regular audits according to the agreed programme until the company had a dedicated compliance manager, and provided continuous support to the company during the initial stages of internal compliance work.  

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