AUDIT REPORT
on statutory financial (accounting) reports
To the shareholders of Russian Open Joint Stock Company of Electric Utilities UES Rossii
Auditor
ZAO PricewaterhouseCoopers Audit
State registration certificate N° 008.890, issued by Moscow Registration Bureau on 28
February 1992.
Audit license N° E000376 issued by the Ministry of Finance of the Russian Federation on
20 May 2002. The license is valid until 20 May 2007.
Clien
Russian Open Joint Stock Company of Electric Utilities UES Rossii
Address: 119526, Moscow, prospect Vernadskogo, 101 building 3.
State registration certificate ¹ 020.863, issued by Moscow Registration Bureau on 31
December 1992.
Registration certificate 77 ¹ 001823983 on inclusion to Unified State Register of Legal
Entities issued on 31 July 2002, State registration number 1027700043293;
License Ã322942, registration number ¹15 on activities on maintenance of working
ability of electric grids and heat networks issued on 17 October 2001.
AUDIT REPORT
on statutory financial (accounting) reports of Russian Open Joint Stock
Company of Electric Utilities UES Rossii To the shareholders of Russian Open Joint
Stock Company of Electric Utilities UES Rossii
We have audited the attached statutory financial (accounting)
reports of Russian Open Joint Stock Company of Electric Utilities UES Rossii (hereinafter
- OAO RAO UES Rossii) for the period from 1 January up to 31 December 2002. Financial
(accounting) reports of OAO RAO UES Rossii consists of Balance Sheet, Profit and Loss
Account, Flow of Equity and Funds Report, Cash Flow Statement, Supplement to the Balance
Sheet, Explanatory Notes (hereinafter all the reports together are called "financial
(accounting) reports"). Financial (accounting) reports were prepared by the
management of OAO RAO UES Rossii in accordance with the Federal Law on Accounting and
Regulation on Accounting and Reporting adopted by the decree of the Ministry of Finance of
the Russian Federation dated 29 July 1998 ¹ 34n (n). Such statutory financial
(accounting) reports differ to a significant extent from those prepared in accordance with
International Accounting Standards.
Preparation of the statutory financial (accounting) reports is the
responsibility of management of OAO RAO UES Rossii. Our responsibility as auditors is to
express our opinion on these statutory financial (accounting) reports and on whether the
accounting is conducted in accordance with the Russian legislation based on our audit.
We conducted our audit in accordance with The Federal Law "On
auditing activity", Federal Auditing Standards, International Standards on Auditing
and our internal standards.
Our audit was planned and performed to obtain reasonable assurance
about whether the statutory financial (accounting) reports are free of material
misstatement. The audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the statutory financial (accounting) reports, assessing the
accounting principles and techniques used, rules of statutory financial (accounting)
reports preparation, evaluating significant estimates made by the management of the client
AUDIT REPORT
 |
and the overall statutory financial
(accounting) reports presentation. We believe that our audit provides a reasonable basis
for our opinion on these statutory financial (accounting) reports and on whether the
accounting is conducted in accordance with the Russian legislation
|
In our opinion, the statutory financial (accounting) reports of OAO
RAO UES Rossii attached to this report have been properly prepared to present, in all
material respects, the financial position of OAO RAO UES Rossii as at 31 December 2002 and
financial results of its operations for the period from 1 January up to 31 December 2002
in accordance with the Federal Law on Accounting and Regulation on Accounting and
Reporting in the Russian Federation adopted by the decree of the Ministry of Finance of
the Russian Federation dated 29 July 1998 ¹34í (n).
|
