OREANDA-NEWS. April 27, 2010. ZAO KPMG has won VolgaTelecom’s tender for the right to conclude the contract for mandatory audit of the Company's accounting (financial) statement for 2010 prepared in accordance with the Russian Accounting Standards (RAS) and the audit of the Company’s consolidated financial (accounting) statement for 2010 prepared in accordance with International Financial Reporting Standards (IFRS).

VolgaTelecom invited the tender on March 10, 2010. After the analysis of technical proposals of the bidders two companies were admitted to the second round of the tender. OJSC VolgaTelecom’s tender committee declared ZAO KPMG the winner of the tender.

The results of the tender will be furnished to VolgaTelecom’s Board of directors which should recommend the auditor’s candidacy for the approval at annual general meeting of shareholders to be held on June 21, 2010.

Mandatory audit of RAS accounting (financial) statement is to be conducted in 2 stages: stage I – audit of the statements for 9 months of 2010 – before December 20, 2010; stage II – audit of the statements for 2010 – before March 30, 2011. The audit of IFRS consolidated financial statements is to be conducted by the auditor in one stage before May 20, 2011.

VolgaTelecom selects the auditor by tender for the fourth consecutive time; this selection is governed by the “Regulations for the procedure of holding tender for the right to conclude the contract for mandatory audit of VolgaTelecom’s accounting (financial) statement prepared in accordance with the Russian Accounting Standards and the audit of VolgaTelecom’s consolidated financial (accounting) statement prepared in accordance with International Financial Reporting Standards”.