28 March 2007 — For seven years PricewaterhouseCoopers has taken part in the rating carried out by Expert RA of the largest audit and consulting companies in Russia — and for seven years it has remained the undisputed leader. Although we are a private company, we maintain a policy of transparency. We believe it is important not only to advise clients on matters of business transparency, but also to demonstrate transparency ourselves.

What are the main trends in the Russian market for audit and consulting services? According to Expert RA analysts, the main trendsetters in the market are national franchises operating under international brands. A 38.5% increase in market volume came about in large part thanks to aggressive expansion into the regions, the acquisition of smaller concerns by larger companies, and growth in the number of specialists in the industry. The expansion of the audit and consulting services market was undoubtedly fostered by the overall growth of the economy. Another key factor was the dynamic rise of medium-sized business in the country — its desire to attract additional outside financing, consolidate, and achieve the transparency so important for doing so. Another notable trend was the vitality of the financial consulting sector in 2006. Meanwhile, the topic of most concern to the business community at the present time is the possibility of amendments to the laws “On Audit Activity” and “On Banks and Banking Activity”, whereby audit companies would become obliged to disclose audit results to the Bank of Russia.