OREANDA-NEWS. On April 17, 2009 PricewaterhouseCoopers (PwC) global network of the audit and consulting firms officially opened its office in Vladikavkaz. The office, located in the administrative centre of the Republic of North Ossetia-Alania, will be PwC’s first office in the South Federal District, reported the press-centre of PricewaterhouseCoopers.

Preparations for opening this office began after PricewaterhouseCoopers and the government of the Republic of North Ossetia-Alania signed a cooperation agreement at the International Investment Forum Sochi 2007. In addition to establishing an advisory board to the head of the republic and cooperating with the North Ossetian State University, the cooperation agreement provided for the opening of a PwC office in the republic.

Taimuraz Mansurov, head of the Republic of North Ossetia-Alania, said:
“Without any doubt, it is important that PwC’s activity contribute to the development of North Ossetia’s positive economic image and investment prospects. But it is also significant that the company’s presence implies additional incentives and opportunities for the professional development and education for our young and talented professionals. The high potential of human capital is one of the most critical elements of the republic’s future prosperity”.

Peter Gerendasi, PricewaterhouseCoopers Russia Managing Partner, said:
“North Ossetia is of major strategic importance to Russia. The relevance of our presence is determined by the need for effective communication both with the republic’s government and those companies interested in our services. We hope that our presence in this dynamically developing region will be beneficial both to the republic and to our business”.

Going forward, PwC plans to strengthen its partnership with the republic to facilitate the development of a favourable economic, investment and social climate in the region. One example of such cooperation is the publication of an Investor’s Guide (May 2008), which is a guide on the republic containing valuable information on investment opportunities. The publication was prepared by PwC in close cooperation with the Permanent Representation of the Republic of North Ossetia-Alania to the Russian President.

Alexander Totoonov, authorised representative of the Republic of North Ossetia-Alania to the Russian President, said:
“Our cooperation with PwC is a significant and ambitious development: the appearance in our republic of a firm with such a distinguished professional reputation as PwC global network member firms, coupled with the great potential that North Ossetia has, augurs very well for the future investment prospects of the republic”.

PwC’s clients in the region will have access to a whole range of services: RAS and IFRS audit, advisory services as well as tax and legal services.

Yana Zoloeva, partner, head of PricewaterhouseCoopers Vladikavkaz, said:
“We believe that in today’s economic environment this is the perfect time to optimise business processes, cut costs and enhance transparency to attract investments in the future. We are convinced that the services which help to tackle these challenges will be relevant for business in the republic”.

Education and the development of human resources are part of PricewaterhouseCoopers’ strategy in the region. PwC is cooperating with higher education institutions on training programmes and recruitment.

Yana Zoloeva said:
PwC has already implemented several projects in the republic. We organised a PwC presentation at the North Ossetian State University, taught a lecture course on IFRS and conducted a follow-up test for graduates. Students who did well on the test were admitted to internships at PricewaterhouseCoopers”

PricewaterhouseCoopers has been operating in the Russian market since 1989. Over the past 20 years, PwC has become the largest audit and consulting services provider in Russia. We employ about 2,500 professionals in our offices in Moscow, St Petersburg, Togliatti, Yuzhno–Sakhalinsk, Kazan, Yekaterinburg and now in Vladikavkaz.