greetings dear colleagues

RSM International Conference, Singapore 2007RSM International Conference, Singapore 2007

GREETINGS DEAR COLLEAGUESGREETINGS DEAR COLLEAGUES

RSM International Conference, Singapore 2007

THE “APIK” GROUP


Geography

Ukraine is the second-largest country in Europe, after Russia, with an area of 603,700 sq km. It ranks 43rd in the world in terms of size and 25th in terms of population.

UKRAINEUKRAINE


OVERALL FACTSOVERALL FACTS

Recent HistoryAlthough the geographical name “Ukraine” was first used in the 11th century, people living in this territory have enjoyed relatively short periods of independence, and the idea of Ukrainian nationalism did not evolve significantly until the break-up of the USSR.

Government and Politics

Along with many new democracies in Eastern Europe, Ukraine adopted a semi-presidential system, based on the Belgian model, with separate powers vested in the legislature, executive and judiciary.

President: Viktor Yushchenko Prime minister: Viktor Yanukovych


KEY GENERAL INDICATORSKEY GENERAL INDICATORS

• Population: 47.8 million (UN, 2005) • Capital: Kiev • Area: 603,700 sq km (233,090 sq miles) • Major languages: Ukrainian (official), Russian • Major religion: Christianity • Life expectancy: 65 years (men), 75 years (women) (UN) • Monetary unit: 1 hryvnya = 100 kopiykas • Main exports: Military equipment, metals, pipes, machinery, petroleum products,

textiles, agricultural products • GNI per capita: US $1,520 (World Bank, 2006) • Internet domain: .ua • International dialling code: +380


• Nominal GDP, UAH billion 606,1• Real GDP, % growth 6,8• Consumption, % change 3,4• Investment, % change 10,9• Export, % change 5,9• Import, % change 6,6• GDP deflator, % change 11,1• CPI, % change eop 10,7• Current Account Balance, % GDP -4,1• Terms of Trade, % change -5,3• Fiscal balance, % GDP -3,1• External debt, % GDP 41,7• Public and Guaranteed Debt, % GDP 17,6• Commercial banks' prime rate, av.;% 14• Exchange rate UAH:USD, av. 5,05• Exchange rate UAH:EUR, av. 7,18

KEY MACROECONOMIC INDICATORSKEY MACROECONOMIC INDICATORS


GENERAL INFORMATIONGENERAL INFORMATION

Audit Company "APiK" (an abbreviation from the Ukrainian words "Audit services and consulting") was created in July 1993. During the period of company's activity our specialists have provided audit services to more than 400 companies and 70 banks.

APiK is one of the leading audit companies in the Ukrainian markets of audit and consulting services.

The Company's main areas of activity are the provision of various types of audit and related services to commercial banks. In addition APiK provides specialized consulting services. Since its establishment, the Company has developed good relationships with over 70 Ukrainian and foreign banks.

Our Company is the only audit company in Ukraine, which has become a member of Association of Ukrainian Banks and of the League of Insurance Organizations of Ukraine.

APiK has lengthy experience of work with large joint-stock companies and state enterprises specializing in the most important areas of the economy (fuel and energy complex, technical connection and telecommunication, insurance business, and the like.). During the last few years, we made significant progress, as the auditor of large joint-stock companies such as JSC "Ukrtelecom", CJST Kyivstar GSM, Lactalys-Ukraine and others.


CLIENTS’ INFORMATIONCLIENTS’ INFORMATION

We have provided our services to eleven of the top 20 largest banks in Ukraine based on the volume of their net assets according to the ratings compiled by the Association of Ukrainian Banks on August, 2007. They are :


BANKSBANKS

RAIFFEISEN BANK AVAL 7 510,39

UKRSOTSBANK 5 250,93

UKREXIMBANK 4 791,58

PROMINVESTBANK 4 227,78

NADRA BANK 3 236,83OSCHADBANK 3 209,17

OTP BANK 2 793,93

ALFA-BANK 2 317,76

TAS-KOMMERZBANK 1 231,07

VTB BANK 1 159,23

VAB BANK 1 099,30*millions USD


CURRENT CLIENTELECURRENT CLIENTELE

Today the amongst the clients of our company there are Ukrainian representatives of the following international banking groups, also banks and companies with 100% foreign capital:


INTERNATIONALLY REPRESENTED CLIENTSINTERNATIONALLY REPRESENTED CLIENTS

BANKS

CITIGROUP (USA)

CRÈDIT AGRICOLE (France)

RAIFFEISEN GROUP (Austria)

OTP BANK (Hungary)

SWEDBANK (Sweden)

VTB BANK (Russia)

PROCREDIT BANK (International)

CREDIT EUROPE BANK (Netherlands)

INTERNATIONAL MORTGAGE BANK (USA)

BANK TURANALEM (Kazakhstan)

COMPANIES

LACTALYS (France)

GRAVE (Austria)

ALGOL CHEMICALS (Finland)

WIESNER HAGER (Czech Republic)

PZU (Poland)

HARDEX (Poland)

ALFA-CAPITAL (Alfa group - Russia)

STARSOFTLABS (USA)

WEB-INVEST GROUP (Russia)


SERVICES

• Audit• Due Diligence • Corporate Finance• Accounting accompanying services• Accounting and Tax Consulting• Internal Audit


AUDIT

• Audit of financial statement according to the Audit and Ethics Standards of the International Federation of Accountants(International Audit Standards) are used as are National Audit Standards;

• Audit of financial statements are prepared in accordance with International Accounting Standards (IAS, GAAP) as per the requirements of the International Audit Standards (Audit and Ethics Standards of IFA);

• Audit of tax reporting; • Expert analysis of accounting data linking their validity to current

legislation; • Complex audit of the economic and financial activities of enterprises aimed

to create an optimum system of management accounting;


DUE DILIGENCE

• Adaptation of accounting financial statements to international norms in accounting (IAS, GAAP);

• Disclosure of debts, financial liabilities and matters relating to property, etc.


CORPORATE FINANCE

• Evaluation of a client’s assets and business; • Financial analysis of a customer-enterprise’s current activities; • Enterprise restructuring and reorganizing of its activities; • Structuring and advising on the development of business plans,

issuance of recommendations on the strategy for dynamic development of effective economic activities;

• Consulting and legal support for business aimed at attracting investment , and consulting on critical matters prior to the investment.


ACCOUNTING ACCOMPANYING SERVICES

• Extensive review of client accounting execution using formal accountancy methodology;

• Preparation of accounting policy, working with charts of accounts and documents turnover system;

• Providing expertise on documents and the preparation of analytic references and reports on accounting related matters;

• Methodical and legal support of solutions in the accounting field; • Development of methods for the consolidation of balance sheet and

another internal reports for enterprises that have subsidiaries or structural departments with independent balance sheets;

• Preparation of tax declarations for foreign representative offices, foreign and Ukrainian juridical bodies and individuals.


ACCOUNTING AND TAX CONSULTING

• Providing consulting expertise on matters of current practice and normative acts in the area of Ukraine tax legislation;

• Tax planning for customer enterprises and the development of proposals on tax payment optimization;

• Assistance in tax declaration preparing.


INTERNAL AUDIT

• Introduction of appropriate internal audit systems which take into consideration the requirements of international standards and Ukrainian legislation;

• Consulting regarding the implementation of internal audit systems to counter particular problems that exist or may arise under a client’s current internal audit system.


STAFF AND INCOME GROWTH SINCE 2000STAFF AND INCOME GROWTH SINCE 2000


QUALIFIEDQUALIFIED STAFFSTAFF

A particularly strong feature of APiK’ personnel recruitment policy is the ongoing development and retention of a reliable team of specialists, including experienced professional auditors, taxation specialists, accounting experts, programmers in methodology, financial analysts and others.

Now APiK has 47 staff. Including:

• 4 partners• 34 professionals (10 – Certified specialists)• 9 administrative staff


CONTACTSCONTACTS

Audit Company "APiK“

Address: 37/19 Donetska Str., Kiev 03151 Ukraine

Tel: +38 (044) 244-76-62 +38 (044) 501-59-34

Tel./Fax: +38 (044) 501-59-34

Site: WWW.APIK.COM.UA

greetings dear colleagues

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