OREANDA-NEWS. Ernst and Young LLC has presented to the Board of Directors of OJSC North-West Telecom a report on the results of an audit of the financial accounts of North-West Telecom for 2005 prepared in compliance with the international financial reporting standards, which has been considered at a meeting of the Audit Committee of the Board of Directors .  The auditors have issued to OJSC N.W.Telecom a positive conclusion according to IFRS for 2005.

According to specialists of Ernst and Young, North-West Telecom has made significant steps and achieved positive results in improving the system of internal control over the process of preparing consolidated financial reports according to IFRS and the procedure s used in its framework.

In the accounts of OJSC North-West Telecom for 2005 according to IFRS, an audit was carried out and the re-evaluation of OJSC N.W.Telecom 's fixed assets prepared by the independent appraiser American Appraisal (AAR) Inc. was confirmed in respect of telecommunications equipment and communication networks .