Samruk-Energy JSC. Annual Report / 2013
10
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Since 2012, the Company outside
auditor has been Pricewaterhouse- Coopers network of companies (hereinafter – PwC). PwC provides the auditing services, tax and consulting services aimed to increase value of clients’ business. |
10. Information about Auditing Firm
THE MAIN CRITERIA FOR SELECTION OF AN AUDITING FIRM ARE:
- Quality of services;
- Cost of services.
QUALITY OF SERVICES OF THE AUDITING FIRM IS DETERMINED AS FOLLOWS:
- degree of skills of the auditing firm specialists;
- work experience both in Kazakhstan and international markets;
- prompt provision of services;
- knowledge of power and coal-mining industries.
Employment of Auditing Firm Employees into the Company
In case of supposed appointment of auditing firm employee who participated in compulsory auditing of the Company as the auditing firm officer within two years prior to his/her appointment (selection) into the Company for a position of a member of the Board, managing director and chief auditor, it is necessary to obtain a prior approval of the Audit Committee to exclude a conflict of interests.
Information about the Auditing Firm
PwC provides the auditing services, tax and consulting services aimed to increase value of clients’ business.
PwC is a leading firm which renders the services for transnational oil and gas and power companies. Integrating the products and resources into the uniform practice focused on this industry enables to provide the best quality services and add additional value in the clients’ activity. PwC attracts the world resources for field works to enable the clients to take advantage of knowledge and practice and introduce all that into daily activity.
WORLDWIDE THE PWC CLIENTS ON AUDITING INCLUDE MORE THAN 2,500 HEAT AND POWER COMPANIES, INCLUDING:
- AGL Resources Inc.;
- National Fuel Gas Company;
- BG Group Plc;
- British Energy Plc;
- PECO Energy Company;
- Union Electric Company;
- Exelon Corporation.
Furthermore, the company intensively works in Central Asia: Baku (Azerbaijan), Yerevan (Armenia), Tbilisi (Georgia), Bishkek (Kyrgyzstan), Tashkent (Uzbekistan), Ashkhabad (Turkmenistan) and Ulan Bator (Mongolia).
Within the last 19 years, PwC has been the leading supplier of auditing and consulting services within Kazakhstan power sector. PwC works with the largest Kazakhstan coal-mining and power companies which have rendered for the last few years and render today the auditing services with regard to financial statements prepared under IFRS. Some of the largest PwC clients on auditing in Kazakhstan are:
| Company | Activity | Period |
|---|---|---|
| Samruk-Energy JSC | Holding company | 2008-2010, 2012 |
| Alatau Zharyk Company JSC | Power transportation, technical distribution of power in network for Almaty and Almaty region | 2010, 2012 |
| Almaty Power Plants JSC | Electric and heat power generation for Almaty and Almaty region | 2010, 2012 |
| AlmatyEnergoSbyt LLP | Sale of power in Almaty and Almaty region | 2008-2010, 2012 |
| KazKuat JSC | Holding company which manages Shardarinskaya HPP JSC and Moynakskaya HPP JSC subsidiaries | 2008 |
| Shardarinsk HPP JSC | Power generation | 2007 |
| Moynakskaya HPP JSC | Development of hydroelectric power station close Charyn river | 2008 |
| Mangistau Distribution power grid company JSC | Power transportation, technical distribution of power in network for oil and other companies, and sale of power within backcountry districts in Mangistau region | 2008-2010, 2012 |
| Ekibastuz SDPS-2 Station JSC | Electric and heat power generation based on coil extracted on Bogatyr and Severnyi coal strip mines | 2005 - 2009 |
| Euroasian Power Corporation JSC | Open coal mining on Vostochnyi coal strip mine and power generation | 2005-2012 |
| Bogatyr-Komir LLP | Open coal mining on Bogatyr and Severnyi coal strip mines | 2008-2010, 2012 |
| Ust-Kamenogorsk HPP JSC | Generation, transfer and distribution of power in Ust-Kamenogorsk | 2006 |
The previous company which had provided the auditing services was KPMG network of companies.