Naftogaz signs contract to check cash flows and cash deficit with BDO

National joint-stock company Naftogaz Ukrainy has signed a contract to check information on the cash flows and cash deficit of the state holding in 2014 with BDO LLC, according to a company report in the Visnyk Derzhavnykh Zakupivel bulletin.

The company said that a contract worth UAH 480,000 (VAT included) was signed by the sides on June 25, 2014.

As reported, the timeline for audit is until February 27, 2015. Ernst & Young (Kyiv) with a proposal of UAH 478,800, and PJSC Deloitte & Touche USC, with UAH 470,400, also participated in the auction.

An audit of the financial activities of Naftogaz Ukrainy is one of the requirements of the International Monetary Fund (IMF).

Naftogaz Ukrainy in February 2014 recognized BDO winner of the tender for auditing the financial statements of the company for 2012 and 2013, prepared in accordance with international financial reporting standards (IFRS).

Naftogaz Ukrainy unites the oil and gas production assets in Ukraine, and is the country's gas transit, underground gas storage, and oil pipeline transportation monopoly.

BDO is a member of BDO International, the fifth largest international chain of independent audit and consulting companies in the world. BDO in Ukraine provides a full range of services in auditing and consulting.