OREANDA-NEWS. December 25, 2007. International company KPMG will audit Bank Electronika’s financial reports for 2007.  An agreement for these services was signed for a term of one year and provides for auditing financial reports according to International Financial Reporting Standards and Russian Accounting Standards.

The agreement for KPMG to conduct the audit anticipates a review of financial reports according to IFRS for the first nine months of 2007 and a two-step financial audit:
Audit financial reports of Bank Electronika for the year 2007 in accordance with IFRS
Audit annual financial reports of Bank Electronika consistent with requirements of Russian legislation

KPMG is an international network of firms offering auditing, tax, and financial consulting services. Today KPMG provides services to approximately half of the world’s largest banks and is the acknowledged leader in work with businesses in the financial and banking sector in bookkeeping, auditing, and tax liability.

Sergei Zakharov, Chief Financial Officer at Bank Electronika, commented on the Bank’s signing of an auditing contract with KPMG: “The change in auditing firms was based on a recommendation from the Bank of Russia on external audits. The recommendation concerned long-term (five years or greater) services to organizations provided by a single auditor.”