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VTB Bank Independent Auditor
Every year, to carry out audit and confirm the accuracy of the annual financial reports, the Bank engages a professional auditing firm – an independent auditor. Upon the inspection, the independent auditor prepares its opinion, which is submitted to the Audit Committee for preliminary assessment. Afterwards, the opinion is forwarded to the Bank’s Supervisory Council and presented to the Bank’s General Shareholders Meeting.
The procedure of appointing an independent auditor includes a tender, approval of the independent auditor at an Audit Committee session, recommendation of the Supervisory Council to the General Shareholders Meeting and approval of the candidate at the Annual General Shareholders Meeting.
CJSC Ernst & Young Vneshaudit has been the Bank’s auditor since 2003. The company does not have any property interest in the Bank except for payment for its auditor services; is in no way affiliated to the Bank, its officers or VTB subsidiaries, and does not offer the Bank consulting services described in Article 1 Clause 6 of the Federal Law “On Auditing”.
