JOINT-STOCK COMPANY
MANGISTAU REGIONAL
ELECTRICITY NETWORK COMPANY
BIN: 920 440 000 302
AUDITORS
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of JSC "Mangistau Regional Electricity Network Company”
We have audited of the attached financial statements of JSC "Mangistau Regional Electricity Network Company (hereinafter referred to as the “Company”), which includes the statement of financial position as of December 31, 2009, as well as the statement of comprehensive income, the statement of changes in equity and the statement of cash flows funds for the year ended as of this date, as well as key accounting policies and other notes to the financial statements.
Management’s Responsibility for the Preparation of Financial Statements
The management of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes the development, implementation and maintenance of an internal control system related to the preparation and fair presentation of financial statements that do not contain material distortions due to errors or unfair acts; choosing and applying proper accounting policies; and the use of sound accounting estimates that are relevant to the circumstances.
Auditor's Responsibility
Our responsibility is to express an opinion on the financial statements presented on the basis of our audit. We conducted our audit in accordance with International Standards on Auditing. According to these standards, we must follow ethical standards and plan and conduct an audit in such a way as to gain sufficient confidence that the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the numerical data and information contained in the financial statements. The selection of procedures is based on the auditor’s professional judgment, including the assessment of the risks of material misstatement of the financial statements due to fraud or errors. In the process of assessing the above risks, the auditor considers the internal control system associated with the preparation and reliable presentation of the company's financial statements in order to develop the audit procedures required in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control system. In addition, the audit includes an assessment of the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as an assessment of the presentation of the financial statements as a whole.
We believe that the audit evidence obtained by us is sufficient and appropriate and gives us grounds for the expression of an auditor’s opinion.
We have audited the attached financial statements of JSC "Mangistau power distribution сompany (hereinafter referred to as the “Company”), which includes the balance sheet as of December 31, 2007 and related income statements, cash flows and changes in equity for the year ending this date, as well as a summary of the main principles of accounting policies and other notes to these financial statements.
The Company's management is responsible for the preparation and fair presentation of these financial statements and their compliance with International Financial Reporting Standards. This responsibility includes the creation, implementation and maintenance of an internal control system for the preparation and reliable presentation of financial statements that do not contain material misstatements or abuses that affect the financial reporting, not due to errors; choosing and applying proper accounting policies; and applying circumstances accounting estimates.
We conducted our audit in accordance with International Standards on Auditing. These standards require mandatory compliance by auditors, as well as planning and conducting an audit in order to obtain reasonable assurance that the financial statements are free from material misstatements.
In accordance with the Company's accounting policies, fixed assets are recorded at revalued values. The previous revaluation of fixed assets was carried out in 2003. Due to the significance of the amount of the revaluation adjustment recognized in 2007, we could not be sure whether the carrying amount of fixed assets as of December 31, 2006 on their fair value.
In our opinion, with the exception of the impact of the issue described in the above paragraph, the financial statements reliably reflect in all material respects the Company's financial position as of December 31, 2007, as well as the financial results of its operations and cash flow for the year ended on that date. in accordance with International Financial Reporting Standards.
Deloitte LLP
Auditor license No. 0000015
MFP-2 type issued by the Ministry of Finance
Republic of Kazakhstan September 13, 2006
We conducted an audit of the attached financial statements of the JSC "Mangistau Regional Electricity Network Company (hereinafter referred to as the “Company”), which includes the balance sheet as of December 31, 2006 and the corresponding reports on profits and losses, cash flow and changes in equity for the year ended on this date, as well as a summary of the main principles of accounting policies and other notes to these financial statements.
The Company's management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes the creation, implementation and maintenance of an internal control system for the preparation and fair presentation of financial statements that do not contain material misstatements due to financial fraud or errors; by selecting and applying appropriate accounting policies; and the use of sound accounting estimates.
We conducted our audit in accordance with International Standards on Auditing. These standards require that auditors comply with ethical standards, as well as plan and conduct an audit in order to obtain reasonable assurance that the financial statements are free from material misstatements.
In our opinion, these financial statements in all material aspects reliably reflect the Company's financial position as of December 31, 2006, as well as the results of its business operations and cash flow for the year ending on that date, in accordance with International Financial Reporting Standards.
Deloitte LLP
Audit license No. 0000015
Type MFP-2, issued by the Ministry of Finance
Republic of Kazakhstan September 13, 2006.