OREANDA-NEWS. January 14, 2014. The Consortium of FBK and PwC won the competition for auditing the Central Bank annual financial statements for 2013.

“The external audit of the Bank reporting is an important tool to improve transparency of the actual results of the monetary and credit policy implementation and openness of the currency rates and inflation processes management. It also plays the key role in maintaining efficient operation of the banking system and other priority objectives of the country finance central regulator. That is the tool of independent control that allows obtaining objective information”, Sergey Shapiguzov, FBK President noted.

According to the head of the company, the fact that the National Finance Council (NFC) selected the consortium of firms with FBK as the member to be the auditor is an absolute recognition of high competence and quality of work of its specialists.

For the whole period when the NFC (the former National Bank Council) has been selecting an auditor for the Central Bank of Russia on a competitive basis, FBK took part in the audit of financial statements of the Central Bank of the Russian Federation of 8 times.

The biggest Russian and international audit firms took part in the CB competition for selecting the auditor of the annual reporting.

The Central Bank of the Russian Federation (the Bank of Russia) on the instruction of the RF federal authorities carries out the monetary and credit policy in the country, the emission of money, carries out the functions of control and inspection of commercial banks, currency regulation and control, the control and regulation of the stock market and insurance market as well as other supervisory and regulatory procedures in relation to ensuring the functioning of the monetary system in Russia. It is one of the biggest banks in Europe.