FinExpertiza - the first Russian brand to integrate global audit practitioners

30 October 2015


On 29 October 2015, FinExpertiza held a ceremony to initiate expansion of its global network within the strategic development program. The event was held in the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow.

During the event, a network agreement was officially signed. This has been the first time ever for the Russian audit and advisory community when a foreign audit firm became a member of the global network set up in Russia. FinExpertiza Network admitted its new member Adalya International – a Turkish independent auditing firm registered No 1 by the Turkish authority for state supervision and standards on accounting and auditing (KGK). Upon the signature, the firm will operate under the Russian brand but still remain committed to its original name, FINEXPERTIZA Adalya.

Nina Kozlova, managing partner of the international network FinExpertiza, spoke at the opening of the ceremony and expressed her gratitude to the attendees for their participating in this event important for the company with the words:

– I am proud of the fact that two years ago FinExpertiza established the network of audit firms. Over a year, our network has been a member of international association Forum of Firms which combines world's largest auditing networks. I am proud of the uniqueness of FinExpertiza which managed to combine the national peculiarities of conducting audit activities and international standards of work. Today we have one more reason to be proud – FinExpertiza is the only audit network of Russia that foreign companies wish to join, and right now you are witnessing that!

Then Ilgiz Baymuratov, deputy general director of FinExpertiza addressed the audience:

– I am deeply honored to see our colleagues from Turkey, mainly because of the long-term partnership between our countries. In addition, by coincidence this day of 29 October is celebrated as the day of Turkey, and I heartily congratulate our Turkish colleagues on this day!

Adalya is an innovative company that adheres to the highest quality in its activities. We had the opportunity to familiarize themselves with the methods and technologies being applied by our Turkish colleagues in their work, and I can say that they are head and shoulders above many leaders in the market. This is a very significant reason why we agreed to admit Adalya to FinExpertiza Network.

Within a few months after we joined the Forum of Firms, we received a lot of requests from foreign companies about their joining our network. But our philosophy of building the network is based on common position of the potential partner with ours. We do not focus on the quantitative growth of the network. What is important for us is to support and represent the interests of the national business in its transnational development. So the first priority for us is jurisdictions where the Russian businesses already exist or the areas in which Russian businesses are potentially interested in. At the same time, we understand that our partners in the network have interests of their national business, and we hope the network will grow thanks to this as well. Thus, we get the so-called synergy effect.

At the present time, the Russian practice of FinExpertiza has a backbone role in building the international network. However, we believe that in the future our backbone role must somewhat be transformed, and our partners will take an active part in determining the direction of development of the network. With the most profound satisfaction and happiness, we welcome signing of the agreement. I assure you that in the future everything will go much faster. We plan to sign membership agreements with representatives of three other countries. We hope to do so before the end of 2015.

The Nina Kozlova and Mehmet Yolcu, chairman of the board & managing partner of Adalya International, signed the network agreement and the director of the organization with the new name FINEXPERTIZA Adalya thanked the management of FinExpertiza for trust with the words:

- Many negative economic processes taking place around the world enhance the significance of our profession. Auditing that unites us all is very complex, and we should be proud of our work, those efforts we make to improve the processes and technologies. Despite the fact that we represent different countries, international standards we use are universal for us all.

Then the honorable guests addressed the audience at the event:

Dmitriy Kapranov, deputy director of Department for Industry of Conventional Arms, Ammunition and Special Chemistry in the Industry & Trade Ministry of Russia:

-First of all, I'd like to congratulate FinExpertiza and Adalya International on signing of this agreement. I consider this case unique for Russia, in which both companies demonstrate global thinking and new views in work. I have to say that this alliance is the consistency. This is an alliance of companies, an alliance of professionals who love their job. This alliance is likely to succeed. We have experience of work with FinExpertiza, and I must say, colleagues, that recently, working with them in a very delicate, very important audit project I was pleasantly surprised by their high competence and experience. So I believe that within this cooperation Adalya International won't be disappointed by the new partner.

Arsen Ayupov, expert of the Russian-Turkish workgroup under RSPP:

-Many of you know about the major trend developing recently for attraction of investments, import substitution, the process in which Russia is expected to go beyond its borders when forming a new cooperation. Turkey happened to be one of the most active partners of Russia in the long-term cooperation. At the present time, the significant flow of investment is from Turkey. As an example, a Turkish investor has invested about 1 billion dollars in Tatarstan over the recent years. As I think, this is quite a good sign that Turkish businesses and investors are active in Russia. Largely because of this, the workgroup on the Russian-Turkish cooperation was recently created under RSPP. This workgroup will also promote continuing and growing dialogue between the Russian and Turkish businesses. So, we are very pleased to be here, since for the workgroup this is the first agreement being signed between the Russian and Turkish businesses. Moreover, this is the agreement to be signed between the audit firms. An audit business is a highly intelligent business. This suggests that relationships between our countries develop not only in construction and industry, but also in highly intellectual spheres of businesses. So I want to wish success to FinExpertiza and Adalya International. I hope this will be a new stage in the development of your companies.

Tatyana Bragina, general director of SRO NP "Audit Chamber of Russia":

- I am very pleased to be here today at such an unprecedented event in Russia. Today we are opening a new page in the history of Russian audit and consulting. For the first time, the Russian network that is the only representative of Russia in the Forum of Firms gives a full membership to a foreign company and the right to use the Russian brand. Earlier Russian auditors became part of global networks, and now we can announce that we have a full-fledged international player in Russia - the company FinExpertiza that will hopefully provide services to Russian companies around the world. I find it important that FinExpertiza is the first audit brand recognized in the international market, and can guarantee its customers the data storage in Russia, which is crucial for the strategic enterprises of the Russian defense industry, state corporations.

The official part of the event ended with the small press briefing where the event participants responded to a number of questions asked by journalists.

Then everyone could congratulate FinExpertiza Network and the firm FINEXPERTIZA Adalya on a new stage in their activities at the buffet table in an informal atmosphere.

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