OREANDA-NEWS. On 21 April 2009 was announced, that, ZAO KPMG had won VolgaTelecom’s tender for the right to conclude the contract for mandatory audit of the Company's accounting (financial) statements for 2009 prepared in accordance with Russian Accounting Standards (RAS) and the audit of the Company’s consolidated financial (accounting) statements for 2009 prepared in accordance with International Financial Reporting Standards (IFRS).

VolgaTelecom invited the tender on March 11, 2009. Seven audit companies applied for the tender. After the analysis of technical and financial proposals of the bidders two companies were admitted to the tender. OJSC VolgaTelecom’s tender committee declared ZAO KPMG the winner of the tender.

The results of the tender will be furnished to VolgaTelecom’s Board of directors which should recommend the auditor’s candidacy for the approval at annual general meeting of shareholders to be held on June 08, 2009.

Audit opinions should be prepared in the following time: RAS – on or before March 30, 2010, IFRS – on or before May 20, 2010. The contract with the tender’s winner is concluded subject to its approval as the Company’s auditor by annual general meeting of VolgaTelecom’s shareholders.

VolgaTelecom selects the auditor by tender for the third consecutive time; this selection is governed by the “Regulations for the procedure of holding tender for the right to conclude the contract for mandatory audit of VolgaTelecom’s accounting (financial) statements prepared in accordance with Russian Accounting Standards and the audit of VolgaTelecom’s consolidated financial (accounting) statements prepared in accordance with International Financial Reporting Standards”.