Bank of Russia once again chooses PwC and FBK to be its auditors

On December 13 another session of the National Banking Board was held at the Bank of Russia. After listening to and discussing the report of the Chairman of Audit Tender Committee – for selecting the auditor of annual financial statements of the Bank of Russia, the National Banking Board made decision and appointed the consortium of PwC and FBK to be the auditor of financial statements of the Bank of Russia for FY 2011 under Russian Accounting Standards. “We are very proud that we’ve been granted this supreme honor”, says Alexey Terekhov, Vice President for Banking Audit. “We consider this decision of the National Bank to be the victory of our consortium and acknowledgement that this is the very team of auditors which will be able to perform the assignment most efficiently and with the best quality.”

According to Alexey Terekhov decision of the National Banking Board shows the whole banking community that the Bank of Russia follows the best world’s practice in terms of principles of working with auditors: so, such a socially significant organization choses two: a worldwide known company and one of the oldest Russian firms. FBK audited the financial statements of the Bank of Russia for 2000 (in consortium with Deloitte & Touche CIS), for 2003-2007 (in consortium with PricewaterhouseCoopers).