The Government has approved PwC as an independent auditor to audit financial reporting of Naftogaz for 2021-2022

Following results of the auction at Prozorro, the Cabinet of Ministers of Ukraine has appointed PricewaterhouseCoopers (Audit) LLC (“PwC”) as an auditing entity that will conduct a mandatory audit of the financial statements of NJSC “Naftogaz of Ukraine” for 2021-2022. The respective decision has been adopted at a meeting of the Cabinet of Ministers today, 14 April 2021, Naftogaz reports.

The cost of services under the contract will amount to UAH 54,154,000. Two other Big Four companies, Deloitte and Ernst & Young, also participated in the auction.

According to the terms of the tender, all bidders were required to meet the qualification criteria, in particular, to have a sufficient staff of experts, proven record in providing similar services and the necessary capabilities.

For reference

Under the terms of the tender, PwC will audit the consolidated and stand-alone financial statements for 2021 and 2022, prepared in accordance with International Financial Reporting Standards (IFRS). On top of that, the main tasks also include a review of interim stand-alone and consolidated reporting and services to support issuance of Eurobonds.

The consolidated financial statements cover the financial statements of Naftogaz and about 30 enterprises of Naftogaz Group, in particular, JSC Ukrgasvydobuvannya, JSC Ukrtransnafta, JSC Ukrtransgaz, PJSC “UKRNAFTA”, etc.

Eurobond issue support services include the preparation and issue of Letters of Assurance for the purposes of issuing Eurobonds and other documents, preparation of which is a standard condition for the issue and placement of Eurobonds.

Tags: The Cabinet of Ministers, Naftogaz, hydrocarbon production, legislation, taxes, Gas market, investments, infrastructure, Shmyhal

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