In order to audit and confirm the reliability of its annual financial statements, VTB Bank engages an independent, professional external auditor.

In accordance with the legislation of the Russian Federation, the external auditor is approved on the basis of an open tender to conduct the Company's obligatory annual audit.

In March 2015, the Bank held an open tender to select an auditor to carry out its obligatory annual audit for the subsequent five years. The Bank published information on the tender and tender documentation on the official public procurement website.

The tender procedure was governed by Federal Law No. 44-FZ of 5 April 2013 on the Contractual System for the Procurement of Goods, Works and Services for State and Municipal Needs.

Three auditors submitted tender bids: Ernst & Young LLC, KPMG CJSC and PricewaterhouseCoopers CJSC.

The selection of the auditor was carried out by a tender commission consisting of competent Bank employees, as well as a representative of the Federal Property Management Agency. The tender commission evaluated and compared the bids based on the following criteria:

• Contract price;
• The qualifications of each bidder.

The tender commission reviewed the bids and selected Ernst & Young as the winner, as it offered the best conditions for fulfilling the terms of the contract and was awarded the most points in the selection procedure.

Ernst & Young LLC is the Russian subsidiary of Ernst & Young, one of the four largest auditing companies in the world. Ernst & Young has more than 25 years of successful practice in Russia and the CIS countries. Over the years, the company has established itself as a leading expert in the provision of audit and consulting services in Russia and other CIS countries.

Information on the Auditor's remuneration