Deloitte &Touche Jysk will conduct audit, while Ernst & Young –assessment of assets

Following the tender results announced on September 12, PJSC NAC Naftogaz of Ukraine has concluded agreements for valuation of its assets and audit check for the past three years. The total value of contracts is 32.68 million hryvnias, Our Money (“Наші Гроші”) says citing the information from the Public Procurement Bulletin.

Out of this amount, some 17.88 million hryvnias will be spent on auditing of the consolidated financial statements of Naftogaz for 2012, 2013 and 2014 years prepared in compliance with the International Financial Reporting Standards.

PJSC Deloitte &Touche Jysk will carry out audit and analyse the financial statements until July 2015. Three more companies out of four that filed applications to bid for a contract proposed a lower tender price, however, the assessment of price offers was based on two criteria – apart from the price, such characteristic as quality of services was also evaluated through study of companies’ experience in rendering similar services. The proposal of JSC KPMG Audit was rejected due to an incomplete set of required documents.

The remaining 14.80 million hryvnias will be spent on estimation of fair value of the assets: property, plant and equipment, special permits for usage of bowels, oil and gas fields, investments in joint ventures, and assets under construction owned by subsidiaries and business entities, given that Naftogaz holds 51 percent or more of their equity capital.

Ernst & Young Ltd. will make assets assessment. Other companies, namely Deloitte and Baker Tilly Ukraine Ltd. offered their bids, too, but the later was rejected as far as submitted an incomplete set of documents.