External auditor External auditor
In order to audit and confirm the veracity of its annual financial statements, VTB Bank engages an independent, professional external auditor.
In accordance with the legislation of the Russian Federation, the external auditor is approved on the basis of an open tender to conduct the Bank’s statutory annual audit.
In March 2020, VTB Bank held an open tender in electronic format to select an auditor to carry out its statutory annual audit of the Bank’s financial statements for 2020–2022.
Based on the results of the open tender, the Bank and the only bidder, Ernst & Young LLC, concluded an agreement for the provision of mandatory audit services for the annual statutory audit of the VTB Group’s financial statements for 2020–2022.
The tender procedure was governed by Federal Law No. 44-FZ dated 5 April 2013 on the Contractual System for the Procurement of Goods, Works and Services for State and Municipal Needs.
The selection of the auditor was carried out by a tender commission consisting of competent Bank employees as well as a representative of the Federal Agency for State Property Management. The tender commission assessed and compared the bids based to the following criteria: the contract price and the qualifications of each bidder.
Ernst & Young LLC is the Russian subsidiary of Ernst & Young, one of the four largest auditing companies in the world.
Further to procuring services from a single counterparty for the purposes of confirming the Bank’s RAS profit for 9M 2020, auditing service contracts were concluded between the Centre For Audit Technologies and Solutions, Limited Liability Company and VTB Bank.
In 2020, a contract with the Centre For Audit Technologies and Solutions, Limited Liability Company was concluded, in compliance with the international auditing standards and the regulations of Russian law for the provision of quarterly reviews of interim consolidated financial statements of VTB Group according to International Financial Reporting Standards (IFRS).
Moreover, in 2020, a contract with the Centre For Audit Technologies and SolutionsCentre For Audit Technologies and Solutions is a part of EY global network and member of Ernst & Young Global Limited., Limited Liability Company was concluded for the provision of accounting consulting services and for financial statements drawn up in compliance with IFRS.
|REPORTING PERIOD FOR WHICH THE AUDIT WAS CARRIED OUT||PROCEDURE FOR DETERMINING THE AMOUNT OF THE AUDITOR’S REMUNERATION||ACTUAL AMOUNT OF REMUNERATION, RUB THOUSAND (INCLUDING VAT)|
|AUDIT||For the statutory annual audit of the Bank’s financial statements|
|2020||Following an open tender for the selection of an auditor, as approved by the Supervisory Council||85,000.0|
|For the provision of audit services to confirm the Bank’s profit|
|9M 2020||Further to procurement from a single counterparty||13,200.0|
|For the provision of quarterly reviews of the ifrs statements of VTB Group|
|3M 2020 |
|Further to procurement from a single counterparty||86,520.0|
|CONSULTING||For the provision of accounting consulting services and for financial statements drawn up in compliance with IFRS|
|2020||Further to procurement from a single counterparty||29,910.84|
The auditor did not provide any other non-auditing consulting services to VTB Bank (PJSC) in 2020.