Independent auditors’ report
CJSC Ernst & Young Vneshaudit
Sadovnicheskaya Nab., 77, bld. 1
Moscow, 115035 Russia
Phone: +7 (495) 705 9700
+7 (495) 755 9700
Fax: +7 (495) 755 9701
To the Shareholders and the Supervisory Board of Sberbank
We have audited the accompanying consolidated financial statements of Sberbank and its subsidiaries, which comprise the consolidated statement of financial position as at 31 December 2013, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year 2013, and a summary of significant accounting policies and other explanatory information.
Audited entity's responsibility for the consolidated financial statements
Management of the audited entity is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on the fairness of these consolidated financial statements based on our audit.
We conducted our audit in accordance with the federal standards on auditing effective in the Russian Federation and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The audit procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management of the audited entity, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Sberbank and its subsidiaries as at 31 December 2013, and its financial performance and cash flows for the year 2013 in accordance with International Financial Reporting Standards.
Ernst & Young Vneshaudit CJSC
24 March 2014
Details of the audited entity
Name: Sberbank of Russia
Record made in the State Register of Legal Entities on 16 August 2002, State Registration Number 1027700132195.
Address: 19 Vavilova st., 1 17997. Moscow, Russia.
Details of the auditor
Name: Ernst 8 Young Vneshaudit CJSC
Record made in the State Register or Legal Entities on 16 September 2002, State Registration Number 1027739199333.
Address: Russia 115035, Moscow, Sadovnicheskaya naberezhnaya, 77, building 1.
CJSC Ernst 8. Young Vneshaudit is a member of Non Prolit partnership "Russian Audit Chamber" ("NP APR").
CJSC Ernst 8 Young Vneshaudit is registered in the register of auditors and audit organizations of NP APR,
number 3027, and also included in the control copy ot the register oi auditors and audit organizations, main registration number 10301017410.