FBK Auditors Examined Reporting of Bank of Russia

FBK and PwC Consortium completed the project on the audit of the Bank of Russia financial statements for 2013.
The Consortium carried out the audit and expressed the qualified opinion that the annual financial statements of the Bank of Russia reflect in all material aspects the financial position of RF CB and the results of its economic activities for the past year in full compliance with the requirements of Laws “On the Central Bank of the Russian Federation (Bank of Russia)”, “On the accounting” and the regulations of the Bank of Russia “On the rules of accounting in the Bank of Russia”.

According to Alexey Terekhov, FBK Partner, FBK Vice-President for audit and consulting services to financial institutions, it is the first time in the Russian practice that the audit conclusion was signed by both FBK and PwC. For the whole history of the Bank of Russia’s audits FBK participated in the audit of financial statements of the Central Bank of the Russian Federation eight times.
According to Alexey Terekhov, the fact that NFS selected the consortium of companies with FBK is an irrefutable recognition of high competence and quality of performance of the company specialists.

The Consortium auditor’s report together with the other materials is included in the annual report about the activity of the Bank of Russia which is submitted to the State Duma of the Russian Federation for approval.

‘The external audit of the Bank of Russia is an important tool of improving the transparency of the actual results of implementing the monetary and credit policy and openness of the processes of exchange rates and inflation management. It also plays the key role in maintaining the efficient operation of the banking system and other priority goals of the principle financial regulator of the country. That is a means of independent monitoring to obtain objective information”, added Sergey Shapiguzov, FBK President.

The Central Bank of the Russian Federation (Bank of Russia) on behalf of RF State Authorities implements the monetary management policy, the issue of money, carries out the functions of supervision and inspection of commercial banks, of currency regulation and control, supervision and regulation of the stock and insurance markets as well as other supervisory and regulatory procedures in relation to the functioning of the monetary system of Russia. It is one of the largest banks in Europe.