Audit of financial statements of Uzbekneftega discussed with "Ernst & Young"
24/11/2020 20:05
Audit of financial statements of Uzbekneftega discussed with "Ernst & Young"
24/11/2020 20:05
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekneftegaz is systematically working on corporate transformation, preparing the company’s business processes for obtaining an international corporate rating.
Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev in the Russian Federation also met with representatives of the international audit company Ernst & Young, which is part of the Big Four.
During the meeting, the parties discussed the progress of the audit of the consolidated financial statements of Uzbekneftegaz, prepared in accordance with International Financial Reporting Standards IFRS (reports of more than 220 companies and organizations), and agreed to complete all work by the end of 2020.
As of 20 November, the audit of the consolidated financial statements of Uzbekneftegaz, drawn up on the basis of IFRS for 2018, has been fully completed and the draft audit report is being discussed by specialists, and most of the processes of the audit of the report for 2019 were carried out by the specialists of the audit company Ernst & Young.
Obtaining a corporate rating will allow Uzbekneftegaz to increase the investment attractiveness of the company, transparency of corporate governance, to enter the debt capital markets through the debut issue of Eurobonds, thereby diversifying the sources of attracting financing.
One of the main components of this process is the preparation of consolidated financial statements in accordance with international financial reporting standards.
To date, the Ernst & Young project team is working to improve operational efficiency and is developing an operating financial model for Uzbekneftegaz.
It should be noted that on June 5 of this year, the audit of the consolidated financial statements of Uzbekneftegaz for 2016-2017 (more than 320 reports of enterprises were collected) in accordance with IFRS received a positive audit opinion and the report was made public.
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