Financial Reports

Information about the external auditor

To verify and confirm the validity of annual financial statements and assessment of risk management and internal control in accordance with the laws of the Republic of Kazakhstan and International Standards on Auditing, AO Development Bank of Kazakhstan (hereinafter - the Bank) draws a professional auditing organization (external auditor) on the basis of competitive selection.
External audit of the Bank's activities is carried out annually by an audit company selected in accordance with the Rules of procurement of goods, works and services of AO National Welfare Fund Samruk-Kazyna and the organizations fifty percent or more shares whereof directly or indirectly belong to AO Samruk Kazyna in ownership or based on fiduciary, which Rules were approved by the Board of Directors of Samruk-Kazyna on 18 November 2009.
Since 2008, independent external audit of the financial statements of the Bank has been held by an international audit firm KPMG Audit, LLP, a member of the "Big Four".
The amount of remuneration payable to the firm under the Agreement on the procurement of audit services of financial statements for the year 2010, amounted to 21,280 thousand tenge including all costs associated with the provision of audit services, and all taxes (including VAT) and duties under the laws of the Republic of Kazakhstan.

List of services provided by the external auditor:

 

• Interim procedures for the review of non-consolidated and consolidated financial statements for the first half of 2010
• Results of the review of interim non-consolidated and consolidated financial statements for the first half of 2010
• Interim procedures for the audit of non-consolidated and consolidated financial statements for 2010
• Draft audit of non-consolidated and consolidated financial statements for 2010
• Final conclusions on the audit of non-consolidated and consolidated financial statements for 2010
• Letter to the management

In addition to audit services the external auditor provides consulting services on accounting and tax accounting, presents audit results to the Board of Directors, the Audit Committee and the Bank's management, and assists the external auditor of the parent organization of the Bank in preparing the consolidated financial statements of the parent organization.

From 2001 to 2007 the services of external audit of financial statements of the Bank had been provided by the following independent audit companies: KPMG Janat LLP, Ernst & Young Kazakhstan LLP, Deloitte & Touche LLP, Deloitte LLP.

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2001