FBK to Audit Bank of Russia Statements for 2014

FBK and PwC Consortium came out the winner in a free competition for the right to audit the annual financial statements of the Bank of Russia for 2014.

The largest Russian and international audit companies took part in the competition.

The selection of FBK and PwC consortium of firms as the auditor of CB reporting is a general recognition of high competence and quality of performance of the company specialists, noted Alexey Terekhov, FBK Partner, Vice-president, Head of Assurance and Advisory to Financial Institutions.

For the entire period when the National Financial Council has been selecting an auditor for the Bank of Russia, FBK Company carried out the audit of the CB financial reporting nine times.

“In the present environment when the monetary policy acquires special significance for the economy the external audit of the Bank of Russia financial statements is an important tool to improve transparency, and an indicator of adherence to maintaining the market principles. It also plays the key role in maintaining the efficient operation of the banking system and other priority objectives of the country’s major financial regulator,” noted Alexey Terekhov.

Central Bank of the Russian Federation (Bank of Russia) on behalf of the RF State Authorities implements the monetary policy, conducts the issue of money, performs the function of supervision and inspection of commercial banks, currency regulation and currency control, supervision and regulation of the stock and insurance market, as well as other supervisory and regulatory procedures related to the functioning of the monetary system of Russia. It is one of the largest Central Banks in Europe.

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