By the decision of the Board meeting of the «Baiterek» National Managing Holding Joint–Stock Company dated December 22, 2021, KPMG Audit LLP was identified as an audit organization conducting an audit of financial statements for 2022-2023. The amount of the audit cost under the Agreement on Long–term Procurement of Financial Reporting Audit Services for 2022-2023 No. 60/21 dated December 29, 2021 (hereinafter referred to as the Agreement) is determined in the amount of no more than 183,456 thousand tenge, including VAT.
In accordance with the Agreement, the remuneration of the audit organization for 2022 amounted to 87,360 thousand tenge, including VAT, and includes all expenses related to the provision of audit services.
List of services provided by the external auditor for 2022:
- semi-annual review of financial statements;
interim audit of financial statements for 9 months;
audit of annual financial statements.
In 2022, KPMG Audit LLP additionally provided the service of providing a letter of assurance within the framework of Eurobond issues. The cost of this service amounted to 100,800 thousand tenge, including VAT.
In 2022, external auditors did not provide consulting services unrelated to the audit of financial statements, amounting to 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 first change of partner of the audit company took place in 2012. As part of the conclusion of an agreement on the procurement of services for the audit of financial statements for 2019-2021 the next change of partner took place. The frequency of mandatory change of partner of the audit company complies with the provisions of the Policy on external audit of Development Bank of Kazakhstan JSC, approved by the Board of Directors on June 10, 2015 (Minutes No. 169-2015-06), with changes and additions.