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Average cost of audit agreements increased by 43 percent in Azerbaijan in 2010

Business Materials 1 April 2011 18:47 (UTC +04:00)

Azerbaijan , Baku, April 1 / Trend U. Ismayilova /

The local auditors concluded 3,530 contracts worth 30.902 million manat with enterprises operating in the country in Azerbaijan in 2010, the report of the Auditors Chamber as of 2010 said. About 629 contracts worth 9.832 million manat left from the previous year. About 2,902 contracts worth 21.295 million manat were concluded during the reporting year.

The share of foreign companies' offices in the total number of contracts amounted to 6.1 percent and the sum of the contracts - 36.7 percent. The share of companies with foreign investments on the number of contracts is 6.5 percent and the amount - 30.8 percent, local companies - 39 ,6 percent and 26.7 percent, respectively, independent auditors - 47,8 percent and 5,8 percent respectively.

The number of contracts decreased by 791 or 18.3 percent, the amount - by 5.6 percent or 1.82 million manat compared to 2009.

Roughly 2,831 contracts amounting to 2.553 million manat were fulfilled in 2010. This figure reduced by 24.5 percent or 921 units and 7.4 percent in 2009. The average cost of contracts increased from 6,304 to 9,020 manat or 43.1 percent compared to 2009.

The income of the Azerbaijani Chamber of Auditors amounted to 433.473 manat in 2010, including the income from membership dues - 407,208 manat, payment for participation in the exams - 4,700 manat. The income of the Chamber of Auditors declined by 0.4 percent (43,517 manat compared to 2009).

Last year, the Azerbaijani Chamber of Auditors paid 26,827 manat to the state budget, about 53.086 manat to the State Social Protection Fund. The chamber consisted of 64 employees last year, total salaries of all employees for the year amounted to 197,130 manat.

The summary table shows the comparative financial indices of the Azerbaijani Chamber of Auditors:

years

profit , in manat

Expenses, in manat

profit , in manat

2009

435 171,01

454 644,36

-19 473,35

2010

433 473,3

431 073,0

2 400,30

The Chamber of Auditors issued licenses for rendering audit services to 14 physical and nine legal entities in 2010. The licenses of 12 physical and three legal entities that provide audit services were extended. About 40 independent auditors, 48 ​​ companies (including four representative offices of foreign companies) and three companies with foreign investments submitted their reports in 2010.

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