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Selection of external auditor

Principles and criteria of selection of external auditor 

According to the rules confirmed by Central Bank of Azerbaijan Republic and due to the International Financial Report Statements (IFRS) regarding auditing of the financial reports OJSC Xalq Bank (hereinafter referred as “Bank”) fullfils the following procedures:

  • Selection of the external auditor and definition of the service fee.
  • Conclude an agreement with external auditor and inform Central Bank of Azerbaijan Republic till the 15th november of the audited year;
  • Confirmation of the “Responsibility-letter” from external auditor compiled according to the International Auditing Standards.
  • Confirmation of the Bank’s financial statement with Report to the Management and audit report received from the external audit.
  • After 5 (five) months from ending the statement year, not later that 3 bank days Bank is to provide copy of the Audit report and Report to the Management to the Central Bank of Azerbaijan Republic.

While choosing the auditor, the Credit committee conducts thorough analysis of the audit firm:

  • License for conducting auditing services;
  • Statement confirming independence of the auditor;
  • Relevant skills regarding IFRS and experience in auditing banks and other financial institutions;
  • Experience in Azerbaijan Republic and in international markets as well;
  • Prestige of the audit firm and opinion of its clients regarding the firm;
  • Professional qualifications of the external auditor’s specialists
  • Auditing conditions suggested by the firm;

At present “Baltic Caspian Audit” is Bank’s external audit. “Baltic Caspian Audit” was founded on July, 2008 and provides auditing and consulting services. The firm was granted license № 031603 for conducting audit services in Azerbaijan by Auditor House of Azerbaijan Republic. The founders of the firm are Estonia’s “Donoway Assurance Ltd” (member of the Crowe Horwath International) and Latvia’s “Baltic Caspian Alliance”.