The international Deloitte & Touche Company will complete the audit of the financial activities of the National Bank of Azerbaijan (NBA) in early March, Alim Guliyev, the deputy chairman of the Board of the bank, told Trend . In accordance with the legislation, materials on audit check-up will be submitted to the Azerbaijani President for approval after valuation of the report of NBA by auditors.
According to Guliyev, NBA set to preparation of report under international standards. Therefore, international auditors check up the data in the report of NBA. In late January Deloitte & Touche completed audit of data of NBA on the results of the 9 months of 2005 and did not revealed any fault.
As a result of 2005 the assets of NBA comprised 7,784,5bn manats, or grew by 3.4% as compared 2004. Nevertheless, as a result of 2005 the capital of the bank decreased by 36.9% and comprised 303,638bn manats due to reserve reduction from 430,773bn manats to 253,638bn manats.
Deloitte & Touche is an official auditor of NBA. It is determined at the decision of the head of the country for 3 years. Therefore, the Company will continue the cooperation with NBA in 2007.
