Bank Vozrozhdenie Audit Committee considered the results of the bank’s audit for 2012

17 April 2013

The Audit Committee of Bank Vozrozhdenie Board of Directors held a regular meeting in the form of joint presence. At the meeting the Audit Committee members had a discussion with the representatives of CJSC PricewaterhouseCoopers Audit, external auditor of the Bank.

According to the Bank’s internal regulations, as well as regulations issued by the Federal Service for Financial Markets, one of the main functions of the Audit Committee is development of recommendations to the Board of Directors on selection of the Bank’s external auditor and further cooperation with them.

At the meeting the Bank’s Auditor provided the Committee with the report on the results of the audit made in relation to the Bank’s financial statements for the year 2012 prepared under both IFRS and RAS. After the discussion of the principal results of the audit the Auditor presented the information on the scope of its work, as well as recommendations on improvement of methodology regarding completion of some reports included into the financial statements and establishment of additional control procedures aimed to decrease the existing level of risk. The Committee also discussed the issue of the Auditor’s independence.

Summarizing the results of the meeting the Audit Committee resolved that:

  • the audit of the Annual report and the Consolidated Financial Statements for the year 2012 was made by the Auditor according to the Russian legislation requirements and international audit standards;
  • audit procedures completed by the Auditor (scope of the audit) are sufficient for the Auditor to express an opinion on the fair presentation of the Annual Report and the Consolidated Financial Statements forthe year 2012 in all material respects.

As a result of the analysis carried out, the Audit Committee offered to the Board of Directors a recommendation to disclose the information on the Auditor’s Report assessment in the frame of preparation for the Annual General Meeting of shareholders providing them with the materials required and recommended the candidacy of CJSC PricewaterhouseCoopers Audit for approval of the Annual General Meeting of shareholders as the Bank’s Auditor for the year 2013.

Bank Vozrozhdenie finalised the second mortgage securitization
Bank Vozrozhdenie published Q1 2013 results under Russian Accounting Standards