Accounting
Financial Reporting
Accounting Balance Sheet as of 1 October 2011
Accounting Balance Sheet as of 1 July 2011
Accounting Balance Sheet as of 1 January 2011
Prudential Standard Compliance Report as of 1 July 2011
Prudential Standard Compliance Report as of 1 April 2011
Financial Report for Year ending on 31 December 2010 with the External Auditor Report
Annual Reports
Kazpost 2010 Annual Report (Annual Performance Report)
External Auditor Information
External audits of Kazpost’s 2010 consolidate financial statements were performed by Ernst & Young, an independent auditing company. The external auditor was selected in the course of a public tender, as required by the Rules of Procurement of Works, Goods and Commodities by Joint-Stock Company “National Welfare Fund Samuk-Kazyna” and entities, 50 and more percents of which (interests) are directly or indirectly owned or trust managed by Samruk-Kazyna. In furtherance to the tender, Kazpost entered into the Contract № 15-10-981 dated 17.11.2010 with LLC Ernst & Young for the fulfillment of audits of financial statements for 2010-2012.
According to provisions of the Contract № 15-10-981 dated 17.11.2010, the cost of 2010-2012 financial statements auditing services totaled Kazakh Tenge 142,800,000 (one hundred and forty two million and eight hundred), including the amounts of Kazakh Tenge 47,600,000 (forty seven million and six hundred thousand) for audits of 2010 statements, Kazakh Tenge 47,600,000 (forty seven million and six hundred thousand) for audits of 2011 statements and Kazakh Tenge 47,600,000 (forty seven million and six hundred thousand) for audits of 2012 statements.
According to the Law of the Republic of Kazakhstan Concerning Audits, there are certain constraints on the rights to conduct audits. Given that, Kazpost shall be prohibited to perform the audits under the following circumstances:
1) External Auditor or its officials involved in the Kazpost audits are Kazpost creditors;
2) External Auditor, in the past three years, rendered to Kazpost its professional services, including reconstruction and keeping of accounting and preparation of financial statements;
3) External Auditor’s officials are in labor relation or close kinship or affinity to Kazpost officials or Kazpost’s sole shareholder;
4) External Auditor’s officials have personal proprietary interests in Kazpost;
5) External Auditor has account payable to Kazpost or Kazpost has account payable to such External Auditor, except for obligation to perform the audits;
6) Kazpost and External Auditor face a conflict of interests or a threat of emergence of such conflict, except for obligations deriving from executed public contracts.
In the course of delivery of financial statements auditing services, Kazpost will mandatorily consider the potential threat to independence of External Auditor, as the result of the following circumstances:
1) the nature of services received from External Auditor;
2) financial or business relations with that Auditor throughout or post period covered in financial reporting;
3) employment of individuals formerly employed by External Auditor.
According to Kazpost employment procedures, individuals formerly employed by company’s External Auditors shall be entitled to take management posts or positions that imply significant influence on the financial reporting process only upon expiry of 5 (five) years following their personal involvement in the audits of the Kazpost financial statements.
Since 2004, Kazpost did not employ individuals formerly employed by External Auditors to management positions and positions that imply significant influence on the financial reporting process.
Kazpost practice demarcation among bodies and divisions responsible for organization and implementation of audits of Kazpost’s annual statements, depending on their competence and in accordance to the company Charter and internal regulations.
The Kazpost Board of Directors ensures the presence of environment that demonstrates to the Kazpost personnel the importance of the good quality audits of the company annual financial statements and the timely issuance of the Audit Report.
Kazpost Board of Directors’ Audits Committee performs the following functions:
1) reviews the issues pertaining to assignment and replacement of Kazpost’s External Auditor and produces recommendations as to particular matter;
2) issues primary approval of procurement of ancillary and non-auditing services from selected External Auditor and reviews the character of such services with the purpose to prevent the threat of a conflict of interests, that may affect the independence of External Auditor;
3) issues primary approval of the most significant provisions of the draft contract for Kazpost’s annual financial statements audits;
4) discusses with External Auditor the conformance of proposed scope and plan of audits to the demands of the Sole Shareholder and Kazpost Board of Directors;
5) together with External Auditor, reviews the results of the annual and intermediate audits of financial statements, including Kazpost management information regarding the results of audits.
The Kazpost Management Board assumes responsibility for the timely provision of the Kazpost annual financial statements to the Joint-Stock Company “National Welfare Fund Samruk-Kazyna”.
Kazpost periodically changes External Auditors and/or project partners responsible for the production of the Audit Report.
The time for rotation of an External Auditor or a Kazpost audit project partner (i.e. the period of time, upon expiry of which, Kazpost will change External Auditor and/or project partner) shall not exceed 5 (five) consecutive years.
LLC Ernst & Young audited Kazpost financial statements since 2006 and Kazpost changed its audit project partner for 4 times.
List of Affiliated Persons and Entities
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