Information about the external auditor
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KPMG Audit LLP was identified as the auditing organisation responsible for the financial statement audits for 2024-2026 as per the decision of the Board of Directors of the Development Bank of Kazakhstan Joint Stock Company dated May 28, 2024. Under the Long-term Service Procurement Agreement for the Audit of Financial Statements for 2024-2026 No. 050940001237EER2406002/00 dated 24.06.2024 (hereinafter referred to as the Agreement), the audit cost was determined in the amount of 477,000.72 thousand KZT inclusive of VAT.
Since 2008, the financial statements of IDF JSC have been audited by KPMG Audit LLP. The most recent partner change from KPMG Audit LLP was in 2022.
For 2024, the auditing organisation will receive a remuneration of 135,000.20 thousand KZT, which includes VAT and covers all expenses associated with the provision of audit services, this amount will make 153,000.23 thousand KZT in 2025 and 189,000.29 thousand KZT in 2026 in accordance with the Agreement.
The list of services provided by the external auditor for 2024-2026 includes:
- Review of the interim condensed separate financial statements of IDF JSC for the periods ending June 30, 2024, June 30, 2025, and June 30, 2026, in accordance with ISRE 2410, prepared in accordance with IAS 34, with the provision of a review report;
- Audit of the annual separate financial statements of the Client as of and for the years ending December 31, 2024, December 31, 2025, and December 31, 2026, with the purpose of expressing an independent opinion on the fair presentation of the financial statements in accordance with the IFRS in all material respects;
- Audit of the annual separate financial statements of the Client as of, and for the years ending December 31, 2024, December 31, 2025, and December 31, 2026, prepared in accordance with the list and 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 upon request of the Client);
- Audit of the separate financial statements as of, and for the years ending December 31, 2024, December 31, 2025, and December 31, 2026, prepared for consolidation purposes in the format approved by the protocol of the meeting of the Management Board of the Baiterek National Managing Holding JSC;
- Provision of Related Services.
The external auditor is responsible for providing consultations on accounting and tax accounting matters, as well as presenting the results of the financial statement audit to the Board of Directors, the Audit Committee, and the management of IDF JSC, in accordance with the agreement for the procurement of audit services for financial statements.
