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Auditor’s conclusion of “Joint auditing group”

AUDITOR’S CONCLUSION


of independent Auditor company “Joint auditing group” upon audit result of annual financial statements of OJSC “Bank “Finance & Credit”
as of the end of December, the 31-st, 2007, and for 2007

02 April 2008
 
Kyiv

 The present “Auditor’s conclusion” is addressed to: 


       The General shareholders meeting of OJSC “Bank “Finance & Credit”, Supervisory board of OJSC “Bank “Finance & Credit”, Chairman of the Board of OJSC “Bank “Finance & Credit”, National Bank of Ukraine, Ukrainian securities and stock market State Commission, all other possible users of OJSC “Bank “Finance & Credit” annual financial statements.
 
       In accordance with Agreement dated of 12 June 2007 No. 403-06/07, experts of Limited liability Auditor company “Joint auditing group” have audited annual financial statements of Open joint-stock company “Bank “Finance & Credit” (hereinafter - OJSC “Bank “Finance & Credit”, the Bank) as of the end of December, the 31-st, 2007 and for the past year from the mentioned date.      
       We have made an audit of financial statements of OJSC “Bank “Finance & Credit” including: Balance sheet as of the end of 31-st December, 2007, Report on financial results, Report on monetary funds flow, Report on equity capital, all drawn for the past year from the mentioned date, enclosed Notices to reports (hereinafter – annual financial statements, financial reports), description of important aspects of Bank’s Accounting policy according to International auditing standards, ensuring confidence and ethics of International Federation of Accountants, adopted as national auditing standards based on decision of Ukrainian Auditors Chamber (protocol No. 122 dated 18 April 2003).     
 
      Bank managers are responsible for preparation are fair presentation of these financial statements in accordance with the Law of Ukraine “On book-keeping and financial accounting in Ukraine” , the Law of Ukraine “On banks and bank activity” taking into account requirements on disclosure of information in financial statements according to national Provisions (standards) of book-keeping, requirements of normative and legal regulations of the National Bank of Ukraine on organization of book-keeping and accounting of Ukrainian banks, Bank’s Accounting policy. Scope of responsibility of Bank managers shall include development, implementation and use of internal control in relation to preparation and fair presentation of annual financial statements, which do not contain any essential misstatements resulting from fraud or mistakes, selection and application of respective accounting policy, as well as accounting estimations responding to circumstances.
     We are responsible for presenting a conclusion on these financial statements based on results of our audit. We have made our audit in accordance with International auditing standards. These standards demand from us observation of ethical requirements as well as planning and performance of the audit in order to obtain sufficient confidence in the fact, that financial reports do not contain any essential misstatements.

      The audit stipulates for execution of auditing procedures intended for obtaining auditor’s evidence in relation to amounts and disclosures in financial reports. Choice of procedures depends on auditor’s opinion. Such procedures also include risk assessment in relation to essential misstatements in financial reports resulting from fraud or mistakes. By making risk assessment, the auditor shall consider internal control measures concerned with preparation and fair presentation of financial reports, with a purpose of developing auditor’s procedures in conformity with circumstances, rather than for drawing a conclusion about the effectiveness of Bank’s internal control. The audit shall also include assessment of applied accounting policy adequacy, acceptability of managerial accounting estimations and general presentation of financial reports.  We believe to have received sufficient and relevant auditor’s evidence for drawing our opinion.    

     We did not participate in the inventory of Bank’s off-balance assets and liabilities as of the end of 31-st December 2007 or any other date in 2007. Therefore we can not assert that accounting estimates (re-estimation) of these assets, having influence on Bank’s annual financial statements indicators as of the end of 31-st December 2007, fully coincide with their fair value on reporting date.
      In our opinion, these circumstances had a limited influence on stating our opinion about Bank’s financial statements as of the end of 31-st December 2007 and for 2007 year.
      Bank’s annual financial statements for 2007, except for above-mentioned limitations, are drawn in compliance with requirements of Ukrainian book-keeping provisions (standards), normative documents of the National Bank of Ukraine, Bank’s accounting policy.   
      Bank’s annual financial statements, except for above-mentioned limitations, give a credible view of Bank’s financial situation in all essential aspects as of the end of the 31-st December 2007, financial results and monetary funds flow for the past year from the mentioned date in accordance with financial accounting basis, adopted by the Bank.   
 
        Annual financial statements on Bank’s financial situation contain appropriate, credible, comparable and understandable information. Annual financial statements enable their users to understand influence of essential transactions and events on disclosure of information on Bank’s financial situation as of the end of the 31-st December 2007, financial results and monetary funds flow for the past year from the mentioned date.
      In accordance with the Law of Ukraine “On banks and banking activity”, Auditor’s report on audit results of Bank’s annual financial statements provide information on adequacy of Bank’s capital and reserves generation order, adequacy of book-keeping, internal audit procedures and Bank control measures, assets and liabilities lines table analysis (liquidity risk).

 

 
 
General Director 
LLC Auditor company “Joint auditing group”
 
 
 
I.V. Zhuchkova
 
Certificate on entry into Register of auditing subjects dated 26.01.2001  ¹2141 (extended by resolution of Ukrainian Auditor’s Chamber dated 15.12.05 ¹156/6)
 
 
Certificate on entry into Register of auditors and auditor’ firms entitled for audits of financial institutions operating on securities market ¹75 under resolution of Ukrainian securities and stock market State Commission  ¹313 dated 13.02.2007
 
 
Certificate of the National Bank of Ukraine for bank auditing right ¹ 0000002, (under resolution of Bank audit committee ¹1 dated 30.08.2007)
 
 
Certificate of the National Bank of Ukraine for bank auditing right ¹ 0000023 dated 28.12.2004, (extended by resolution of Committee for certification of bank auditors ¹158 dated 27.12.2006)
 
 
Certificate of Ukrainian securities and stock market State Commission on entry into the register of auditors of financial institutions, providing services on securities market, series ÀÀ ¹514 dated 26.01.2005.
 
 



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