Tashkent, Uzbekistan (UzDaily.com) -- Uzbekneftegaz and Financial Compliance Solutions entered into an agreement to continue cooperation.

Financial Compliance Solutions consists of former employees of the international audit company Ernst&Young. The purpose of signing the agreement is to implement a program for transforming accounting between companies and speeding up the preparation of financial statements in accordance with international accounting standards (IFRS).

Joint work with international specialists will be aimed at ensuring the effectiveness of a consolidated financial audit based on international financial reporting standards (IFRS) at Uzbekneftegaz JSC, training and training employees of the accounting department in the developed methodology for applying IFRS requirements, taking into account industry and regional specifics.

Having significant experience in project work in the region and in the USA, the FCS team, as part of the “Fast Close” project, will share in practice their experience in managing complex cross-functional projects and their implementation in accordance with the principles and standards of project management "PMBoK" (Project Management Body Of Knowledge, USA).

Specific objectives of cooperation with FCS include working on improving accounting methods and preparing consolidated financial statements at Uzbekneftegaz JSC, automating the processes of consolidation and transformation of financial statements in 2024. Changing these processes will help speed up the closure of reporting periods in the accounting system of Uzbekneftegaz JSC and improve the quality of preparation of consolidated IFRS statements.

It is also expected that the successful implementation of the objectives of the Fast Close project will help the Company to further attract additional investments by organizing an initial public offering (IPO) of shares on the London Stock Exchange.

It should be noted that in 2021, Uzbekneftegaz JSC managed to attract borrowed funds worth more than US$700 million on favorable terms. During that period, the FCS team helped prepare audited consolidated statements of the Company in accordance with IFRS requirements.

Yuri Pankratov, Advisor to the Deputy Chairman of the Board for Financial and Economic Issues of Uzbekneftegaz JSC:

“Providing management, business partners and potential investors with prompt and reliable reporting under IFRS is an important task for the financial function, and Uzbek companies like FCS will help us solve this problem efficiently and economically.”

FCS is an audit organization and, in addition to audit services, provides consulting services in the field of accounting, finance, and project management for public and private enterprises in Uzbekistan. The company was founded in 2021 in the city of Tashkent by experts with international experience in Big Four companies in the USA, Europe and the CIS.