Baker Tilly Audit Azerbaijan recognizes NFES activity in 2010 as positive
Azerbaijan, Baku, April 10 / Trend /
The Baker Tilly Audit Azerbaijan international audit company conducted an audit of the Azerbaijani Economic Development Ministry's National Fund for Entrepreneurship Support (NFES) as a result of 2010 in accordance with international auditing standards, the ministry said on Friday.
"The audit analyzed the efficiency and quality of application of internal control system, compliance of the Fund's financial reporting with international financial standards and its accounting system to the Azerbaijani legislation and national accounting standards," the ministry said.
According to the Baker Tilly Audit, the NFES's financial activity in 2010 was assessed as positive. Its financial statements are prepared in accordance with international financial reporting standards.
The National Fund's audit is conducted by the international auditors in past three years.
The National Fund for Entrepreneurship Support (NFES) has passed the international audit on 2008 for the first time since its creation in 1992.
The fund has allocated favorable loans worth 115 million manat to 1,430 entrepreneurs in 2010. Some 99.8 percent of this figure accounts for the country's regions. About 5,600 new jobs will be opened thanks to these loans.
The official exchange rate is 0.7923 manat on April 10.