Kazpost JSC (Kazakhstan) informed of the formation of Committee on auditing

/KASE, September 21, 06/ - Kazpost JSC (Almaty), of which bonds are traded in Kazakhstan stock exchange's (KASE) official securities list under "A" category, has spread today the press release, saying: Quotation start It is informed in the written below that on September 22, 2006 the meeting of Council of directors of Kazpost JSC took place in Almaty, at which the following questions were considered: the question on confirming Regulation on Service of inner audit of Kazpost JSC and Order of operation of Service of inner audit of Kazpost JSC, report on activity of Service of inner audit of Kazpost JSC for the first quarter of year 2006; on forming Committee on auditing, attached to Council of directors of Kazpost JSC, on specified budget for year 2006. Council of directors listened to and took into account the questions, submitted for the discussion by Service of inner audit. At the same time, it was stressed that one of the most important tasks of Service of inner audit is the rendering of help in realization of recommendations of the external auditor, which are supposed to have detailed and concrete character. On the basis of Concept of foundation of Holding Samruk JSC in the aim of promoting the responsibility of Board of directors of Kazpost JSC, in order to fulfill the management of the current activity of the company, and also to systemize the direct control from the side of Council of directors, it was recommended to form Committee on auditing, attached to Council of directors of the company. That Committee will perform monitoring the control system and managing the risks, including following the norms of legislation of Republic of Kazakhstan, providing Kazpost JSC with financial information (confirmation of the accounting policy, the work of Service of inner audit and external auditors); it will maintain the recommendations of inner and external auditors, observe the work of Service of inner audit of Kazpost JSC, and also policy of Kazpost JSC in the field of tax planning. Also there was confirmed the specified budget of Kazpost JSC for year 2006. The necessity to confirm the budget of incomes and expenditures of Kazpost JSC was provoked by insertion of changes into Charta of the company in the section of questions, regarding the issue of budget formation by the company, which relates to the only authority of Council of directors afterwards. Earlier the budget of Kazpost JSC for year 2006 was confirmed by decision of Board of directors of Kazpost JSC. The decree on establishing State holding Samruk was signed by the President of Republic of Kazakhstan at the end of January of the current year. Quotation end [2006-09-21]