1. In accordance with the corporate governance standards, financial reporting and controls, internal control processes are established in Xalq Bank.
2. The Bank maintains its accounting and submits reports in accordance with the legislation of the Azerbaijan Republic and normative acts of the Central Bank of Azerbaijan Republic.
3. When implementing a system of effective financial management the Bank is guided by the following principles:
4. The Bank within the terms and in the manner established by the Central Bank of Azerbaijan, in order to evaluate the Bank’s financial condition, presents to the Central Bank its prudential reports and reports of banking statistics.
5. The Bank prepares the following reports:
6. The reports on financial and economic activities of the Bank (except the data protected by the Law) in accordance with rules of the Central Bank of Azerbaijan posted in media.
7. In order to ensure effective financial control, the Bank systematically analyzes the situation and forecasts economic processes. For these purposes, there is a functional unit in the Bank which is responsible for:
In accordance with the terms established by current legislation of Azerbaijan, the Bank is preparing Annual Report for submission to the Central Bank of Azerbaijan, covering its annual activity and financial state (financial year is Jan1 - Dec 31 of calendar year). The reports approved by the external auditor and consolidated financial statements together with the auditor's report submitted to the Central Bank of Azerbaijan and posted on Xalq Bank's website.