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Gazprom Picks New Auditor
29.03.2015 17:31
Gazprom Picks New Auditor
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Gazprom is reported to replace its auditor in 2015, according to the news agency Interfax.

      The gas giant has worked with PricewaterhouseCoopers for the past 20 years and the rumoured change could signal that the political pressure has its impact on business. Russian firm FBK is now tipped to take over the contract worth some 260 million roubles.

      Russian MPs are likely to pass a law that would ban foreign companies from auditing the Russian companies’ financial documents filed in line with Russian reporting standards. The big four international players, i.e. KPMG, PwC, Deloitte Ernst and Young, have repeatedly complained about the shrinking Russian market amid growing tension between Moscow and Brussels and Washington.

      FBK is one of Russia’s leading national audit and consulting groups and is consistently ranked among the top firms in the sector. The Company was established in 1990 just as the market economy began to take shape in Russia – and FBK’s development ever since has been directly linked with the development of a free economic environment. During all these years, FBK has not only served the market economy of the new Russia, but also shaped its values, rules and regulations, says the company’s corporate website.

      FBK was one of the first Russian companies to start working in accordance with international quality standards based on a unified methodology.

      - FBK employs more than 800 staff at our offices in Moscow, Kazan, Minsk and Zlatoust. In collaboration with the offices of our regional partners in five Russian federal districts and a number of CIS countries, they provide more than 50 types of service in six key areas: audits according to RAS and IFRS; tax and law; valuation; finance; accounting, management and IT-consulting; outsourcing; business education. FBK also includes auditing and consulting practices, the bar association FBK Legal and the FBK Economic and Law School.

      - The Company’s turnover in 2013 was over 1.5 billion rubles. According to the rating agency Expert RA, FBK’s client base includes other 50 of Russia’s one hundred largest companies.

      Furthermore, Gazprom has been seen shifting its focus to the east, especially after it held its 10th annual Investor Day in the Asia-Pacific for the first time in its history.

      Russia-IC reported that Gazprom brought high-profile executives to meet institutional investors in Hong Kong and Singapore. “Taking part in the events were Andrey Kruglov and Alexander Medvedev, Deputy Chairmen of the Gazprom Management Committee; Dmitry Lyugai and Vsevolod Cherepanov, Members of the Gazprom Management Committee as well as heads of the Company’s specialized structural units and subsidiaries,” says the press release.

Author: Mikhail Vesely


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