MGIMO Endowment was audited by KPMG

25 July 2019

The financial audit of the MGIMO Endowment in 2018 was done by KPMG.

Annual audits are mandatory for endowments, whose capital exceeds 20 million rubles, in accordance with Federal Law No. 275-FZ, "On the Procedure of Establishment and Use of Endowments of Non-commercial Organizations," dated December 30, 2006. The MGIMO Endowment pays great attention to the transparency of its activities and believes that independent assessment of one of the world leaders in audit services is very important.

KPMG, in accordance with the International Standards on Auditing (ISA), audited the accounting statements of the MGIMO Endowment, the reports of asset management companies, the decisions of the Board of Trustees and the Presidium of the Endowment.

The audit concluded that in accordance with Russian accounting standards, the financial statements gave a fair view of the financial position of the Fund, its financial results, cash flows, the use of the funds for the purposes intended as at 2018.