Information disclosure

FinExpertiza is a limited liability company.

The charter capital is distributed between two natural persons, residents of the Russian Federation. The share of a natural person – auditor amounts to 51%.

ООО FinExpertiza is a full member of FinExpertiza international network with headquarters in Moscow, the Russian Federation. The official web-site of the network will be launched in September 2016.

ООО FinExpertiza Network is a limited liability company. Its purpose is to act as a coordinating entity for member firms in the FinExpertiza network. The company focuses on key areas such as brand use, common approach to management of risks, quality and activities among individual firms of the network where appropriate. ООО FinExpertiza Network does not provide professional services for customers and is not engaged in joint activities with third parties

Member firms of the FinExpertiza network are entitled to use resources and technologies of FinExpertiza, as well as FinExpertiza brand, and they are bound to abide by common policies and standards established for all FinExpertiza members. A member firm cannot act as an agent of ООО FinExpertiza Network or any other member firm and is liable only for its 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.

Corporate governing bodies of ООО FinExpertiza are as follows: Board of Directors, General Director, Deputy Directors, Heads of structural subdivisions.

The Board of Directors decides upon the company's strategy development and exercises coordination between considerable tactical issues and transactions.

The General Director manages current activities.

Deputy Directors and Heads of structural subdivisions manage the respective activities of the company and its subdivisions.

The company has effective internal controls corresponding to the scale of its activities and legislative requirements on auditing in the Russian Federation and ISQC-1.

The following measures are taken to ensure quality and compliance with the International Standard on Quality Control, as well as national legislative requirements on quality control:

  • the company's internal documents provide for rules and procedures that ensure high quality of services;
  • directors' obligations are designed to ensure that commercial benefits do not predominate over quality;
  • regular training workshops are aimed to improve quality of works, as well as skills and professional competence of employees;
  • performance appraisal, labour payments and career promotion depend on quality of work implementation;
  • significant funds are allocated to development and documentation of quality control rules and procedures;

Internal Quality Control Department organizes and ensures effective functioning of the services quality control system.

The latest external review of ООО FinExpertiza was conducted by the Self-regulatory Organisation of Auditors Audit Chamber of Russia, the conclusion on review of quality of audit activities and аудиторской compliance with professional ethics as of 10 December 2013 No218.

The company's executive body states that while conducting an audit engagement, OOO FinExpertiza complies with independence in relation to clients, which means independence of opinion and external independence in accordance with requirements of the International Ethics Standards Board for Accountants (IESBA), as well as the national code of ethics.

Independence of opinion means that the opinion can be expressed without extremal influence making a professional judgment doubtful, and that the expert acts fairly and conscientiously, and maintains objectivity and professional skepticism.

External independence means prevention of facts and circumstances which are so significant that a reasonable and informed third party would most probably conclude that fairness, conscientiousness, objectivity and professional skepticism of the company or an audit group member were violated.

Internal reviews of compliance with independence are conducted periodically while monitoring the internal controls system.

The company's executive body states that all auditors of the company go through annual career advancement programs as stipulated by Part 9 of Article11 of the Federal Law “On auditing”.

Remunerations to project managers, audit group leaders and auditors are based on quality of tasks implementation. Work appraisal and payments to project managers are based on KPI; work appraisal, labour payments and career advancement of auditors are made periodically with regard to results of certification of auditors.

In accordance with internal policies and procedures, the project manager (project monitor) is reelected at least every 7 years. Audit group leaders are reelected at least every three years.

The revenue of ООО FinExpertiza for 2015 totaled RUB 421,596.1 thousand, including:

  • from audit of financial statements – RUB 307,016.8 thousand.
  • from rendering audit associated services – RUB 19,239.7 thousand.
  • from rendering other audit related services to auditees – RUB 22,970.5 thousand.
  • from rendering other audit related services to other organizations – RUB 72,369.1 thousand.

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