Integra Group appoints Ernst & Young as Independent Auditor

Integra Group announces the appointment of Ernst & Young, LLC (E&Y) as its Independent Auditor, replacing  PricewaterhouseCoopers Audit, ZAO (PWC).

Integra Group’s Board of Directors authorized the Audit Committee to review the provision of audit services. The Audit Committee of Integra Group conducted a competitive review and concluded that a transition to E&Y will result in a material reduction in audit expenses. Based on the Audit Committee’s recommendation, the Board appointed E&Y as auditors of the Company and its subsidiaries, commencing with the audit of the annual consolidated financial statements for the year ended 31 December 2012.

The Board of Directors notes that the decision to change auditors was not the result of any disagreement between Integra Group and PWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.