Every year VTB engages a professional auditing firm — an independent auditor — to carry out an audit and confirm the accuracy of the Bank’s annual financial statements. Following the audit, the independent auditor prepares an opinion, which is submitted to the Audit Committee for preliminary assessment. The opinion is then 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, a recommendation by the Supervisory Council to the General Shareholders Meeting and approval of the candidate at the Annual General Shareholders Meeting.
In 2012, after an open tender, CJSC Ernst & Young Vneshaudit, the Russian subsidiary of one of the world’s largest international auditing companies, was selected and appointed as VTB Bank’s independent auditor.
CJSC Ernst & Young Vneshaudit has been the Bank’s auditor since 2003. The company has no interest in the Bank except for payment for its auditor services, is in no way affiliated with the Bank, its officers or subsidiaries, and does not offer the Bank consulting services described in Article 1 Clause 6 of the Federal Law "On Auditing".