INFORMATION ABOUT EXTERNAL AUDITOR

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Reporting of the Fund

INFORMATION ABOUT EXTERNAL AUDITOR

For verification and confirmation of annual finance accounting and evaluation of risk management system and internal control in accordance with 78 paragraph of the Law Republic of Kazakhstan «Joint Stock Companies» and International standards of audit JSC « Damu" Entrepreneurship Development Fund» (hereinafter – Fund) recruits professional audit company ( external auditor) on the base of competetive selection. In concordance with provision in Fund Regulations, determination according to the procedures of the audit company realizing finance audit, is related to sole province of Sole shareholder of the Fund

Sphere of action of the Fund’s external audit is perfomed annualy by the audit company. External auditor under terms of the agreement of purchasing finance audit provide services as implementation of the monitoring of sole or consolidated finance accounting for the 1st of January to 30th of June accounting period, for conducting of intermediate audit procedures from 1st of January to 30th of September of each accounting period and for conducting annual finance audit in concordance with IFRS. In addition to this, provision of accompanying services under terms of audit examination is consultation on maintenance of accounting and tax records,provision of  tax flash according to the results of finance audit and provide presentations, estimation of accounting record-keeping and financial reporting, evaluation of appropriateness of the internal control etc. to The Comitee of Directors.

Financial audit for 2017 was conducted by LLP «PricewaterhouseCoopers». Extent of remuneration paid to LLP «PricewaterhouseCoopers» for financial audit services for 2017 and made up 10 640 thous. tenge inclusive of VAT.

Company LLP «PricewaterhouseCoopers» in 2017 has provided certain services:

- provision of training seminars, extent of remuneration for this services made up 343 thous. tenge inclusive of VAT;

- provision of the gap analysis and estimation of influence in adaptation of new methodology in accordance with IFRS-9. Extent of remuneration for this services made up 22 142 thous. tenge inclusive of VAT;

- development of approaches to methodology for impairment of financial instruments upon the request of IFRS-9, as well as refreshment of accounting policies and documents on classification and evaluation of financail instruments. Extent of remuneration for this services made up 48 160 thous. tenge inclusive VAT.

Services for Fund’s financial audit previously performed by:

·         2016 – LLP «PricewaterhouseCoopers»;

·         2015 – LLP «PricewaterhouseCoopers»;

·         2014 – LLP «PricewaterhouseCoopers»;

·         2013 – LLP «PricewaterhouseCoopers»;

·         2012 – LLP «Deloitte»;

·         2011 – LLP «PricewaterhouseCoopers»;

·         2010 – LLP «KPMG Аudit»;

·         2009 – LLP «Ernst & Young»;

·         2008 – LLP «KPMG Аudit»;

·         2007 – LLP «KPMG Аudit»;

·         2006 – LLP «Deloitte».

Former employees of the audit company which perfomed finance audit wasn’t admitted on work in Fund.