In order to audit and confirm the veracity of its annual financial statements, VTB Bank engages an independent, professional external auditor.
In accordance with the legislation of the Russian Federation, the external auditor is approved on the basis of an open tender to conduct the Bank’s obligatory annual audit.
In March 2015, the Bank held an open tender to select an auditor to carry out its obligatory annual audit for the subsequent five years.
The tender procedure was governed by Federal Law No. 44-FZ of 5 April 2013 on the Contractual System for the Procurement of Goods, Works and Services for State and Municipal Needs.
Three auditors submitted tender bids: Ernst & Young, KPMG and Pricewaterhouse Coopers.
The selection of an auditor was carried out by a tender commission consisting of competent Bank employees, as well as a representative of the Federal Agency for State Property Management. The tender commission evaluated and compared the bids based on the following criteria:
- Contract price;
- The qualifications of each bidder.
The tender commission reviewed the bids and selected Ernst & Young as the winner, as it offered the best conditions for fulfilling the terms of the contract and was awarded the most points in the selection procedure.
Ernst & Young LLC is the Russian subsidiary of Ernst & Young, one of the four largest auditing companies in the world. Ernst & Young has more than 30 years of successful practice in Russia and the CIS countries. Over the years, the company has established itself as a leading expert in the provision of audit and consulting services in Russia and other CIS countries.
VTB Bank’s profit for 9M’2019 was audited during the reporting period. Auditing service contract was concluded between LLC CATSLLC CATS is a part of EY global network and member of Ernst & Young Global Limited. and VTB Bank as a result of purchase from a single counterparty. The actual amount of remuneration was RUB 12,600 thousand.
|Reporting period for which the audit was carried out||Procedure for determining the amount of the auditor's remuneration|| Actual amount of |
|for the obligatory annual audit of the Bank's financial statements|
|2015||Following an open tender for the selection of an auditor, as approved by the Supervisory Council||212.4|
|2016||Following an open tender for the selection of an auditor, as approved by the Supervisory Council||212.4|
|2017||Following an open tender for the selection of an auditor, as approved by the Supervisory Council||201.8|
|2018||Following an open tender for the selection of an auditor, as approved by the Supervisory Council||201.8|
|2019||Following an open tender for the selection of an auditor, as approved by the Supervisory Council||60.5|
|for the provision of audit services as part of confirmation of the Bank’s profit for the first half of the year|
|1H 2018||As a result of purchase from a single counterparty||11,210.0|