Information about the external auditor

In accordance with the decision of the Management Board of “Baiterek” National Management Holding JSC (hereinafter referred to as “the Holding”) dated May 21, 2019, the “KPMG Audit” LLP has been defined as the audit organization that provides an audit of financial statements (hereinafter referred to as “the financial audit”) for 2019 - 2021 years. The cost of the financial audit under the Agreement on long-term procurement of financial audit services for the years 2019 - 2021 (hereinafter referred to as the “Agreement”) has amounted to not more than KZT 127,680 thousand, including VAT.

“KPMG Audit” LLP has conducted the financial audit of the Bank since 2008. As a part of the conclusion of the Agreement, the partner of “KPMG Audit” LLP was changed. The previous change was made in 2012.

In accordance with the Agreement, the fees for the financial audit for the year 2019 amounted to KZT 42,560 thousand, including VAT and all expenses related to the audit services.

The list of services rendered by the external auditor for 2018 included:

  • Review of the interim unconsolidated and consolidated financial statements of the Bank for the period from January 1 to June 30, 2019;
  • Review of the interim statements package for the period from January 1 to June 30, 2019 generated by the Bank in compliance with the requirements of the Holding;
  • Management Letter for the period from January 1 to September 30, 2019;
  • Audit of unconsolidated and consolidated financial statements of the Bank for the year 2019;
  • Audit of consolidated annual financial statements package of the Bank made in compliance with the requirements of the Holding for the year, ended December 31, 2019, including independent opinion;
  • Management Letter on the results of audit of consolidated and unconsolidated financial statement of the Bank for the year 2019.

In 2019, the external auditors did not provide any consulting services not related to the financial audit, in amount exceeding more than 50 % of the fees paid to the audit organization.

Within the framework of the Agreement on the procurement of the financial audit the external auditor provides consulting services on accounting and tax reporting, and provides presentations to the Board of Directors, Audit Committee and to the Management of the Bank on the results of the financial audit.