KPMG to audit Ukrainian Seaports Authority
Ukrainian Seaports Authority (USPA) says it chose a company that will audit its financial statements for the period from 2015 to 2017 in accordance with International Financial Reporting Standards (IFRS). The winner of the tender became KPMG, which is one of the world’s largest auditing companies in the world from BIG4. Information about signing the contract has been published in ProZorro e-procurement system on 8 June 2017.
«Independent financial audit by KPMG is the beginning of the official transparent financial history of USPA. Financial statements certified by an authoritative auditor will allow USPA working with international financial institutions. This means that local seaports will have more active development opportunities. As a financier, I am confident that such an approach will make USPA a desirable client and a reliable partner for implementing projects of any complexity», USPA’s Head Raivis Veckagans noticed.
The audit will run in two stages till the end of 2018.
The contract between USPA and KPMG was concluded within the negotiation procedure. Earlier, USPA have had to cancel the tender for the auditor's choice twice because of the lack of proper number of participants. Since the subject of procurement, its technical and quality characteristics, as well as the requirements to the contractor remained unchanged, in accordance with the Law of Ukraine "On Public Procurements USPA used the right to apply the negotiation procedure for selecting a contractor. Estimated cost of services totals UAH 3.6 million (not including VAT).
Recall, on 4 June 2015, the Cabinet adopted the Resolution No.390, according to which all the largest state enterprises should audit its financial statements.