TASHKENT, Uzbekistan, July 5. Uzbekneftegaz, the national oil and gas company of Uzbekistan, has obtained a positive audit report from the Ernst & Young international auditing firm for its full consolidated financial statements for the year 2022, prepared in accordance with international financial reporting standards (IFRS), Trend reports.
According to the company, the preparation and auditing of the consolidated financial statements commenced in early June of the previous year. The project, completed by the Accounting and Corporate Reporting Department of Uzbekneftegaz, was reviewed by Ernst & Young specialists during April and May of the current year.
In order to ensure the accuracy of the financial statements prepared based on IFRS, Ernst & Young was provided the following expert reports:
- A report on hydrocarbon reserves at Uzbekneftegaz's fields, prepared by the US consulting company DeGoliyer & MacNaughton.
- A test report on the impairment of fixed assets of the enterprise system and unfinished construction objects by the KPMG international appraisal company.
- Reports on the actuarial valuation of long-term obligations to employees of Uzbekneftegaz enterprises by Actuary Service company as of the end of 2022.
As Uzbekneftegaz said, these reports and audit conclusions have been presented to reputable global rating agencies such as Fitch Ratings, S&P Global Ratings, and Moody's, as well as major foreign banks including Citibank, Mitsubishi UFC Financial Group, JPMorgan ase & Co, China Development Bank, Deutsche Bank, Gazprombank, and others. They have also been shared with potential foreign investors, international consulting firms, and legal companies.
