Ernst & Young in Kazakhstan: 20 years of commitment
For 20 years, Ernst & Young has been exploring investment opportunities in the Republic of Kazakhstan, playing an instrumental role in the evolution of the legal framework regulating audit, accounting, financial reporting and taxation. When private businesses began to develop in 1994, Ernst & Young started to provide auditing services to local companies and banks. We are actively working with the biggest national Kazakh companies and international oil and gas companies working in the Republic of Kazakhstan.
In 2001 Ernst & Young became a member of the Foreign Investors' Council (FIC) under the President of the Republic of Kazakhstan. The FIC's mission is to maintain a direct dialogue between the Kazakh government and the investment community, which is crucial in order to smoothly and seamlessly address investment-related issues and improve the investment climate. EY partners lead two working groups of the FIC: taxation and improvement of the investment image of the Republic of Kazakhstan.
In 2007 Ernst & Young launched the Entrepreneur of the Year Award program in Kazakhstan. It is part of the Ernst & Young international program covering 50 countries worldwide. More than 40 entrepreneurs have qualified for the finals since the time when the program went live in Kazakhstan, of which 18 winners took the award.
The company employed eight staff when it started operation. At the moment, Ernst & Young employs 600 staff, of which 97% are Kazakh citizens. The company has offices in Almaty, Astana and Atyrau. Ernst & Young has made significant investments in the professional development of its people in the past 20 years: annual personnel development costs total 5-7% of the company's income, ranking as the third largest cost item. Each year Ernst & Young recruits 70-100 new university graduates and invites about 40 interns, offering them hands-on experience and professional development.
Ernst & Young assurance partners and senior managers teach IFRS courses to KIMEP University students. Ernst & Young maintains close cooperation with Nazarbayev University under the government-sponsored program Business Roadmap 2020. We also launched The Rising Stars program, which aims to develop young people's entrepreneurial spirit.
"During the two decades of independence, Kazakhstan has successfully completed a number of key economic reforms, while maintaining political and macroeconomic stability," says Keith Gaebel, Ernst & Young Managing Partner for Central Asia and the Caucasus. "The Government is pursuing far-reaching reforms aimed at enhancing productivity and competitiveness, as well as balanced social and economic development, and we focus our efforts on providing assistance in these areas."
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential, the company's press release reads.
