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PricewaterhouseCoopers
Closed Joint Stock Company
"PricewaterhouseCoopers Audit"
(ZAO "PwC Audit")
115054 Moscow
Kosmodamnanskaya nab. 52, str. 5
Telephone +7 (095) 967 6000
Fax +7 (095) 967 6001
AUDITING REPORT
on financial (accounting) reporting of Open joint stock company for energy and electricity "Novosibirskenergo" for 2003
To shareholders of Open joint stock company for energy and electricity "Novosibirskenergo":
1. We have audited the submitted financial (accounting) reporting of Open joint stock company for energy and electricity "Novosibirskenergo" (thereafter - the Company) for the period from 1 January to 31 December 2003. Financial (accounting) reporting of the Company consists of Accounting balance, Cash flow report, Supplement for accounting balance, Explanatory note (thereafter all reports are jointly called "financial (accounting) reporting"). Financial (accounting) reporting is prepared by the management of the Company in accordance with Federal law "On Financial Reporting" and Instruction on book-keeping and accounting reporting in Russian Federation, put in effect by a Decree of the Ministry of Finances of Russian Federation on 29 July 1998, ¹ 34n. Reporting prepared in accordance with the aforementioned Law and Instruction is significantly different from reporting prepared in accordance with International Accounting Standards.
2. Responsibility for preparation and submission of financial (accounting) reporting is with the executive organ of the Company. Our responsibility is to express an opinion about credibility in all significant matters of the given financial (accounting) reporting and conformity of the accounting practices to the legislation of Russian Federation based on the implemented audit.
3. We have implemented audit in accordance with Federal law "On Audit", Federal regulations (standards) of auditing, International standards of audit, and also our internal standards.
AUDITING CONCLUSION
Audit was planned and implemented in such a way as to receive reasonable assurance that financial (accounting) reporting does not contain significant distortions. Audit has been implemented on the basis of sampling and has included studying, on the basis of testing, of evidence that proves values and of disclosure in financial (accounting) reporting of information about operations of the Company, evaluation of principles and methods of accounting, rules of preparation of financial (accounting) reporting, determination of values of main estimates received by the management of the Company, and also evaluation of the general disclosure of financial (accounting) reporting. We assume that the implemented audit gives enough ground to express our opinion about credibility of financial (accounting) reporting and conformity of accounting to the legislation of Russian Federation.
4. According to our opinion, submitted along with the present Auditing conclusion financial (accounting) reporting of the Company reflects credibly in all significant matters financial stance of the Company on 31 December 2003 and results of operations for the period from 1 January to 31 December 2003, as required by Federal law "On Financial Reporting" and Instruction on book-keeping and accounting reporting in Russian Federation, put in effect by a Decree of the Ministry of Finances of Russian Federation on 29 July 1998, ¹ 34n.
9 March 2004
| Director of Joint Stock Company |
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![]() A.V.Chmel |
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Auditor
Qualification License ¹K008961
in the area of general audit perpetual |
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![]() F.A.Lerman |
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