According to international standarts
Independent Auditor’s Report
TRADE FINANCE BANK
“KONTRAKT” INCORPORATED
Kyiv, Ukraine
To the Shareholders and Management of
TRADE FINANCE BANK “KONTRAKT” INCORPORATED
We have audited the accompanying financial statements of the Trade finance bank “Kontrakt” incorporated, Kyiv, Ukraine (further in the text – the Bank), which are comprised of the Balance sheet as at December 31, 2006, Income statement, Statement on changes in equity, Cash flow statement for the year then ended, significant accounting policies and other explanatory notes.
Responsibility of the Management
The Bank management is responsible for preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards (IFRS). Responsibility of the management includes: development, implementation and appliance of the internal control with respect to preparation and fair presentation of the financial statements, which do not contain material misstatements as a result of fraud or errors; option and use of the appropriate accounting policy, as well as the accounting assessments relative to circumstances.
Responsibility of the Auditor
Our responsibility is to express our opinion on these financial statements based on our audit. We have performed the audit according to the International Standards on Auditing. These standards require that we meet ethic requirements and plan and perform the audit in order to obtain reasonable assurance to whether the financial statements are free of material misstatements.
The audit provides for procedures to obtain audit evidence as to the amounts and disclosures in the financial statements. Option of the procedures depends upon an auditor’s judgment. These procedures include assessment of the risk of material misstatements of the financial statements as a result of fraud and errors. Assessing these risks an auditor considers the internal controls measures relating to preparation and fair presentation of the financial statements in order to develop audit procedures, which comply with circumstances, but not to express the opinion on efficiency of the internal control system of an entity. An audit also includes assessment of compliance of applied accounting policy, relevance of the accounting assessments made by the management, as well as evaluation of overall presentation of the financial statements.
We believe that the audit evidence obtained is sufficient and appropriate for our opinion.
Opinion
In our opinion, the financial statements present fairly, in all material aspects, the financial position of the Bank as at December 31, 2006, as well as its financial results and cash flows for the year then ended according to IFRS.
Kyiv, May 25, 2007
LLC AF BDO Balance-Audit
Sergiy Balchenko Soren Sorensen
Certified auditor ÑPA
Managing Partner International Partner