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| Additional information |
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| FBK Ltd. |
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Mission statement:
Audit, consulting, and law are the three basic components of the services provided by FBK. They guarantee that the infrastructure of the market economy functions based on the rules, laws and values of an open society.
FBK’s motto is “we explain the world, we change the world” and highlights the need not only to fulfill the professional duties required of auditors, consultants and lawyers, but also the ability to change the country and its economy for the better with the help of the professional community.
Our Company does not differentiate its interests from the wider interests of the country. FBK’s mission is therefore not just to provide quality services, but also to participate in the development of free enterprise and an effective market economy in Russia and to improve the quality of public services.
FBK’s strategic goal is the formation of a world-class company which functions with confidence in the globalized economy. |
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History:
The milestones in FBK’s development have largely coincided with the stages of Russia’s emerging market economy. The Company has always met the new professional challenges and the demands of the time.
1990-1995. «Contact» with the Market
There has never been a «zero cycle» stage in the Company’s history. The start was fast and successful: less than a year passed from the order «Gentlemen, start your engines!» to the first 62 audit contracts.
Despite, or perhaps because of, the academic origins of the Company, which was founded on September 12 1990 by a group from the Economic Faculty at Moscow State University, FBK (which was called Kontakt before 1995) immediately set out to diversify its services, provide comprehensive customer service and work with the leaders in the key sectors of Russia’s economy.
During the first five years of its existence, FBK reached international standards in terms of the quality of its professional services and became one of the first companies in Russia to join the PKF global audit and consulting network.
1996 – 2000. Branch Leader and Market Reformer
FBK became one of the trendsetters in the professional services market, not only holding a leading position and expanding its client base to include major players such as Alrosa, AvtoVAZ and Gazprom, but also shaping the business environment.
We implemented the project «Reforming Russian Audit» as part of a consortium with PKF from the United Kingdom and Helm Corp from Northern Ireland. The Law on Auditing and Professional Standards was prepared with the active participation of FBK experts.
FBK has been working as an auditor and consultant on projects funded by international financial institutions such as the World Bank, EBRD and TACIS since 1996. The Company remains one of the active members in this service sector to this day.
During this time, FBK became one of the most attractive employers in Russia, creating a unique corporate culture, largely due to the special atmosphere at its head office – an old villa on Myasnitsky Street whose character the Company has lovingly and carefully restored.
This period also saw the beginning of FBK’s cooperation with the Pushkin State Museum of Fine Arts as General Counsel.
2001 – 2005. A New Quality of Growth
The Company constantly expanded its line of services and developed its educational structure. FBK’s Economic and Law School was set up and quickly became a respected center of business education. FBK’s Economic Club was launched as a discussion forum to bring together experts, business representatives, government officials and journalists from Russia’s leading business and political media.
During this period, FBK twice won the tender to audit the annual accounts of the Central Bank of Russia – in 2000 together with Deloitte & Touche, and subsequently in a consortium with PricewaterhouseCoopers. FBK remained the auditor of the Central Bank for six years.
The expansion of the Company’s client base and range of services in legal consulting and client representation before the courts required the establishment of the bar association FBK Law, which brought together several legal practices.
The segment Expert and Strategic Analysis underwent significant growth and a specialized department was created whose products and regular research experienced strong demand from both the business sector and the public authorities. Together with the Russian newspaper Vedomosti and the channel REN TV, two FBK projects – «How much Russia costs» and «How Russia is spending» – attracted the attention of the general public.
In 2004, the team at the auditing firm FinEscort joined FBK.
2006-2010. «The Commanding Heights» on the Professional Market
FBK’s Not-For-Profit Partnership was created in 2005 and underwent strong development. Its main purpose was to unite around FBK professional companies which operate in different Russian regions and which share FBK’s mission and values. As a result, FBK gained partners in Russia’s Central, Southern, North-Western, Ural, Volga and Siberian federal districts and in several CIS countries. The three companies FBK Volga (Kazan), FBK South Urals (Chelyabinsk region) and FBK Bel (Minsk) operate under a single brand.
According to the Expert RA rating agency, by 2009 FBK had been one of the three leaders on the Russian market for professional services in terms of revenue since the ratings had begun. FBK was also recognized as one of the leaders in legal and valuation services. Among the Company’s key areas were audits according to national and international standards (RAS and IFRS), financial, accounting, management and IT consulting, legal services, valuation services, short-term business education and so on.
New areas were also developed, in particular in the field of corporate finance and capital markets. FBK’s experts provided clients with the full range of advisory and consulting services to support mergers and acquisitions (M&A), raising private investment and carrying out real estate deals and other equity transactions.
FBK also continued its social activities. In 2009, FBK Law became the official legal adviser to the Russian Committee of the International Council of Museums (ICOM).
Since 2009, FBK has been an SRO Not-for-Profit Partnership of the Audit Chamber of Russia’.
FBK celebrated the Company’s 20th anniversary as one of the leaders on the Russian audit and consulting market and an internationally recognized national brand. A gala evening attended by numerous clients, partners and friends of the Company was held in September 2010 at the Pushkin State Museum of Fine Arts.
2011 and beyond. FBK 2.0
The Company began laying down strategic guidelines and entered a new period in its history without losing any of its dynamism as the market leader.
In line with the requirements of our clients, we are now complementing our traditional services with «points of growth»– internal audit and services related to transfer pricing, personal data protection and consultancy on investment and construction.
In a separate line of services, we are working increasingly on outsourcing business processes and standardizing and automating accounting processes.
The succession of the Company’s generations and strategic directions, our reliance on our multi-layered corporate culture, our cumulative educational and training potential, the search for innovative solutions and the expanding geographical reach of our services – all these produce powerful synergies. The Company is superbly equipped to work in the post-industrial globalized economy.
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