Ernst & Young to be new auditor of Russian Grids subsidiaries
MOSCOW. April 14 (Interfax) - OJSC Russian Grids has chosen Ernst & Young as the new auditor of financial statements for its subsidiaries and affiliates, according to company materials.
This concerns agreements with OJSC IDGC of Center, OJSC IDGC of Center and Volga Region, OJSC IDGC of Volga, OJSC IDGC of North-West, OJSC IDGC of Urals, OJSC IDGC of Siberia, OJSC IDGC of South, OJSC IDGC of Northern Caucuses, OJSC MOESK, OJSC TyumenEnergo, OJSC Tomsk Distribution Company, OJSC Lenenergo, OJSC Yantarenergo and OJSC Kubanenergo
Ernst & Young will sign contracts that end on December 31, 2014 with the subsidiaries to provide auditing services for Russian Accounting Standards (RAS) reports, as well as to check International Financial Reporting Standards (IFRS) statements.
Ernst & Young offered the lowest price, 64.9 million rubles, for its services during re-bidding in the framework of open competitive negotiations. At the same time, Russian Grids' current auditor, CJSC KPMG, offered 76.346 million rubles, while CJSC PricewaterhouseCoopers offered 76.45 million rubles. The starting price for the contract was 91 million rubles.
Russian Grids is Russia's largest electricity distribution company and includes a main power grid complex, as well as inter-regional and regional distribution grid companies. The Russian government owns 85.3% of the company.
