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On March 20, 2024, a long-term agreement was concluded with KPMG Audit LLP for the audit of the Bank's financial statements for 2024–2026, based on the results of a competition conducted in accordance with the Law of the Republic of Kazakhstan “On procurement by certain quasi-public sector entities” (hereinafter referred to as the Agreement). The cost of the audit under the Agreement amounts to 567,280 thousand tenge, including VAT.
In accordance with the Agreement, the remuneration for the audit organization for 2024 amounted to 163,363 thousand tenge, including VAT, and covers all expenses related to the provision of audit services.
The list of services provided by the external auditor for 2024 includes:
In 2024, KPMG Audit LLP additionally provided letter of representation submitting services in connection with Eurobond issuances. The cost of these services amounted to 224.0 million tenge, including VAT.
In 2024, external auditors did not provide consulting services unrelated to the audit of the financial statements that represent more than 50% of the total cost paid to the audit organization.
For reference: KPMG Audit LLP has been auditing the Bank's financial statements since 2008. The rotation of the partner from KPMG Audit LLP had taken place in 2012 and 2019.
As part of the conclusion of the agreement for the procurement of financial statement audit services for 2024–2026, another partner rotation took place.
The frequency of mandatory partner replacement within the audit company complies with the norms of the External Audit Policy of Development Bank of Kazakhstan JSC, approved by the Board of Directors on June 10, 2015 (minutes No. 169-2015-06), with subsequent amendments and additions.
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