Disclosure of information on activities of ООО FinExpertiza for 2018 (information as of 01.03.2019)

General information

Full name: Limited Liability Company FinExpertiza

Abbreviated name: ООО FinExpertiza

Legal form: Limited Liability Company

State registration: entry in the Unified State Register of Legal Entities as of 29.08.2002, ОGRN (Primary State Number) 1027739127734

Location: 125167, Moscow, Leningradskiy prospekt, 47/3, prem. Х, floor 3, room 1

Membership in self-regulatory organizations of auditors: ООО FinExpertiza is a member of the Self-regulatory Organization of Auditors "Russian Union of Auditors" (Association), abbreviated name - SRO RSA (date of inclusion in the register of SRO RSA - 01.12.2016, ОRNZ 11603076287).

Participation interest in the charter capital: the charter capital is distributed between two natural persons, residents of the Russian Federation. The participation share of the natural person - auditor is 51%.

Participation in the network of audit firms

ООО FinExpertiza is a full member of FinExpertiza International Network with headquarters in Moscow, the Russian Federation.

FinExpertiza is the first international network established in Russia, consisting of independent auditing and consulting firms and valuation companies that joined their efforts for providing high quality services for customers worldwide.

The official web-site of FinExpertiza Network: https://finexpertiza.ru/about/network-finexpertiza/

Information on members of audit and consulting network FinExpertiza, including the countries, except for the Russian Federation, is posted on the official web-site of the network.

ООО FinExpertiza Network is a limited liability company. Its purpose is to act as a coordinating entity for member firms in FinExpertiza Network. The company focuses on key areas such as brand use, common approach to management of risks, quality and activities where appropriate.

Member firms of FinExpertiza Network are entitled to use technologies, resources and brand of FinExpertiza, and they are bound to abide by common policies and standards established for all FinExpertiza members. Member firms cannot act as agents of ООО FinExpertiza Network or any other member firm and are liable only for their own actions or omissions. ООО FinExpertiza Network, in its turn, cannot act as an agent of any member firm and is liable only for its own actions or omissions.

The only audit firm of FinExpertiza Network that audits financial statements (including consolidated financial statements) of companies, provided for by part 3, article 5 of Federal Law № 307-FZ "On auditing", is ООО FinExpertiza. The revenue of ООО FinExpertiza from statutory audit for 2018 totaled 40,862 RUB thousand.

Corporate governance

The supreme governing body is the General Meeting of Participants.

Current activities are managed by the sole executive body: the General Director.

The system of internal quality control

ООО FinExpertiza has established effective internal controls corresponding to the scale of its activities and legislative requirements on auditing in the Russian Federation, ISQC-1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, ISA 220 Quality Control for an Audit of Financial Statements and other applicable regulatory legal acts.

Policies and specific procedures for internal quality control, which provide reasonable assurance that OOO FinExpertiza and its personnel comply with professional standards and applicable legal and regulatory requirements, as well as that conclusions and other reports issued by the company or engagement partners are appropriate in specific circumstances, and are ensured by the internal provision of the "System of Internal Quality Control of OOO FinExpertiza" ("SIQC").

SIQC establishes unified requirements for the quality control system of services in an audit firm and applies to all engagements related to auditing. The established policies and specific procedures for internal quality control are binding on all company personnel and apply to all branches and representative offices of the company.

External quality control of an audit firm

In 2018, OOO FinExpertiza was subject to an unscheduled review of the external quality control of an audit firm by SRO Russian Union of Auditors (Association) regarding compliance with the Federal Law "On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism" in implementation of audit activities (protocol No. 68-18 as of 31.12.2018).

In 2016, OOO FinExpertiza was subject to a scheduled review of quality of audit activities and compliance with professional ethics by SRO Audit Chamber of Russia" (Association) (protocol No 6 as of 06.07.2016).

In 2017 and 2018, FinExpertiza was subject to scheduled and unscheduled onsite external review of quality of audit firms by the Federal Treasury (acts no ref. dd 01.11.2017, dd 07.12.2018).

At present, there are no disciplinary or any other actions applied to OOO FinExpertiza.

Statement of the executive body of the audit firm on measures to ensure independence

Our approach to provision of audit services is based on the fundamental principles of professional ethics developed by the International Federation of Accountants (IFAC) and established in the Code of Ethics for Professional Accountants of the International Federation of Accountants (IESBA Code), as well as the Code of Professional Ethics of Auditors and the Independence Rules of Auditors and Audit Firms applicable in the Russian Federation approved by the Audit Council.

Policies and procedures are established in the internal provision "Independence Policy" to provide reasonable assurance that OOO FinExpertiza, its employees and, where applicable, others subject to the independence requirement, maintain independence when required by relevant ethical requirements. This policy regulates the procedure for identifying and evaluating circumstances and relationships that create threats to independence, taking appropriate measures to eliminate or reduce such threats to an acceptable level or (if necessary) withdraw from the audit engagement, as well as the procedure for communication of the requirement of independence to employees and others covered by this requirement.

When deciding whether an engagement should be accepted or not, an internal review of compliance with independence is carried out. Control over compliance with independence by the company, its employees and, if applicable, by others subject to the independence requirement is carried out by an authorized person of the company. All employees are required to promptly notify an authorized person of circumstances and relationships that could create a threat to independence so that appropriate action can be taken.

The Executive Body declares that OOO FinExpertiza fully complies with the independence requirements established by Article 8 "Independence of Audit Firms and Auditors" of Federal Law No. 307-FZ "On Auditing Activities" and the Rules for Independence of Auditors and Audit Firms, and takes all necessary measures, including internal audit of compliance with independence.

Statement of the executive body of the audit firm on compliance with the requirement for professional development

The executive body declares that all auditors of OOO FinExpertiza comply with the requirement established by part 9 of Article 11 of Federal Law No. 307-FZ "On Auditing" and undergo mandatory annual training for continuing professional development programs approved by the self-regulatory organization of auditors in which they are members.

The remuneration system for project managers and engagement team leaders

The remuneration system for project managers and engagement team leaders is established by labor contracts and includes a fixed and a variable part of the remuneration. The variable part of the remuneration is based on assessment of the quality of work. Evaluation of the work of project managers is based on KPI; assessment of the work of engagement team leaders and auditors is carried out with consideration of appraisal results.

Measures to ensure rotation of senior personnel in engagement teams

In accordance with internal policies and procedures, the project manager is changed at least once every 7 years. Rotation of engagement team leaders - at least once every three years.

Revenue for the prior reporting year

Revenue of ООО FinExpertiza for 2018 totaled 402,158 RUB thousand, including:

• Revenue from statutory audit of financial statements, including consolidated financial statements - 256,275 RUB thousand.

• Revenue from voluntary audit, related services, and other services related to auditing - 145,882 RUB thousand.

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