The bank ‘Zenit’ did not meet the deadlines for the publication of reports. Commentary from Natalia Borzova in "Kommersant"

At the height of publication of international annual reports by banks, the bank ‘Zenit’ belonging to the group Tatneft unexpectedly announced the postponement of its publication for two months. The reason is the change of the auditor from Deloitte to ‘PricewaterhouseCoopers Audit’ which audited the reports of Tatneft group. The step is logical, but untimely according to the experts who do not rule out that there were also more significant reasons for refusing the services of Deloitte..

Natalia Borzova

Deputy General Director of FinExpertiza

- I came across the situation where a company could not come to an agreement with an auditor - the auditors saw serious problems, and the company denied them. As a result, the "intractable" auditor was replaced, and an unqualified opinion was expressed.