Azerbaijani Auditors Chamber announces results of activity for 2008

Azerbaijan, Baku, April 29 / Trend U. Ismayilova /

Audit companies registered in the Azerbaijani Auditors Chamber concluded 4,570 agreements with managing individuals in the amount of 48.05 million manat in 2008, the report published at official website of the chamber said.

Roughly 630 agreements in the amount of 12.97 million manat remained from 2007 but 3,940 agreements in the amount of 35.07 were concluded during 2008.        

The number of concluded agreements increased 301 items or 6.2 percent but volume - 20.033 million manat or 71.5 percent compared to 2007.

Roughly 3,960 agreements in the amount of 38.14 million manat were completely fulfilled in 2008 that 215 items or 5.1 percent less than in 2007. The number of concluded agreements with representations of foreign audit companies reduced 0.5 percent in 2008, with local companies - 13.4 percent but with companies having foreign share increased 19.6 percent. Roughly 525 agreements in the amount of 9.62 million manat were not fulfilled within accounting period. Roughly 19 unfulfilled agreements in the amount of 4.12 million manat fell on foreign audit companies, branches and representations, 41 agreements in the amount of 3.09 million manat - companies with foreign share, 219 agreements in the amount of 2.09 million manat - local companies, 246 agreements in the amount of 313,000 manat - independent auditors. These agreements will be fulfilled in 2009. 

Roughly 110 agreements in the amount of 280,000 manat were also annulled in 2008.

Foreign audit companies, representations and branches transferred 10.38 million manat to the state budget, including 8.56 million manat as tax payments and 1.81 million manat as obligatory payments within this period.  

Total amount of accounts receivable hits 8.79 million manat, loan debt - 7.89 million manat in the end of accounting period.

Income from audit activity hits 39.45 million manat that an increase of 130.6 percent compared to 2007 in the country in 2008 but profit - 10.65 million manat given an increase of 228.8 percent per year. 

Incomes of the auditors chamber exceed 473,000 manat increasing 24 percent in 2008. The chamber transferred 23,270 manat and 48,600 manat to the state fund on social protection of population per year. The chamber's expenditures exceeded 456,000 manat in 2008.   

On April 29, the official exchange rate is 0.8034 manat to $1.   

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