Real Estate, Hospitality & Construction

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Auditor's opinion on investor’s contract costs report

Confirmation of costs incurred during the implementation of an investment agreement is vital for developers’ economic activity. In Moscow, in particular, these costs must be confirmed if the investor is to recover the costs associated with devastation of non-residential premises, relocating of residents, works associated with preservation of cultural heritage, connection to the power grid, as well as returning of funds paid by investor into the Moscow city government’s budget.

Auditor's opinion on the report of investor’s actual costs incurred as part of an investment contract is required by § 7 of the Order of interaction of Moscow city’s executive authorities during consideration of reimbursement of the costs incurred by investors within the implementation of investment projects (Moscow City Government Decree dated August 27, 2012 #433 - PP).

Auditor’s opinion is issued in accordance with the Federal Standard for Auditing Activities 8/2011 “Features of audit reports, prepared under special requirements” and contains an opinion on investor’s costs report’s compliance with the requirements of Moscow City Government Decree #433 - PP.

Likewise, release of a compliance report for certain expenses or other indicators may be required by law or contract specifications.

EY performs independent audit assignments for audit of investor’s actual costs as well as issuing such an opinion report in conjunction with audit of the whole financial statements for a client. The latter assumes a significant discount for price of services.