In accordance with the decision of the Board of Directors of the Development Bank of Kazakhstan Joint-Stock Company dated December 29, 2021, KPMG Audit LLP was appointed as the audit organization that audits the financial statements for 2022-2023. The amount of the audit cost under the Agreement on long-term purchases of services for the audit of financial statements for 2022-2023 No. C-KZA-21-00238 dated December 31, 2021 (hereinafter referred to as the Agreement) is determined in the amount of 117,600 thousand tenge, including VAT.
KPMG Audit LLP has been auditing the financial statements of JSC IDF since 2008. The last change of partner from KPMG Audit LLP took place in 2022.
In accordance with the Agreement, the remuneration of the audit organization for 2022 amounted to 56,000 thousand tenge, including VAT, and includes all costs associated with the provision of audit services.
List of services provided by the external auditor for 2022:
- Review of the interim condensed separate financial statements of IDF JSC for the period ending June 30, 2022 in accordance with ISRE 2410, prepared in accordance with IAS No. 34, with the provision of a review report;
- Audit of the Customer’s annual separate financial statements as of and for the year ending December 31, 2022, in order to express an independent opinion on the reliability of the preparation of financial statements in accordance with IFRS in all material respects;
- Audit of the annual separate financial statements of the Customer as of and for the year ending December 31, 2022, prepared in accordance with the list, forms approved by the regulatory act of the authorized state body of the Republic of Kazakhstan in accordance with the Law of the Republic of Kazakhstan No. 234-III “On Accounting and Financial Reporting » (this item is provided at the request of the Customer);
- Audit of separate financial statements as of and for the year ending December 31, 2022, prepared for the purposes of consolidation in the format approved by the minutes of the meeting of the Management Board of Baiterek National Management Holding JSC;
- Provision of related services.
The external auditor, within the framework of the financial statements audit procurement contract, provides advice on accounting and tax accounting, provides presentations to the Board of Directors, the Audit Committee and the management of IDF JSC based on the results of the financial statements audit.