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IBA announces tender on consolidated balance sheet

Business Materials 26 July 2011 12:55
The International Bank of Azerbaijan (IBA) has announced a tender to select an external auditor for IBA Group's consolidated balance sheet biannual and annual audit in 2011, the official press reported with reference to the IBA tender commission.
IBA announces tender on consolidated balance sheet

Azerbaijan, Baku, July 26 / Trend N.Ismayilova /

The International Bank of Azerbaijan (IBA) has announced a tender to select an external auditor for IBA Group's consolidated balance sheet biannual and annual audit in 2011, the official press reported with reference to the IBA tender commission.

The IBA Group includes the IBA, IBA-Moscow, IBA-Georgia, International Insurance Company and processing center Azericard. The tender will be held at 3:00 p.m. on Sept. 9 in the IBA administrative building (67, Nizami Street, Baku). The audit should be conducted on IFRS and ISA.

To participate in the tender, interested parties must provide the following documents: a written request to participate in the tender, a bank document confirming participation fee payment, a tender offer in the Azerbaijani language, a bank guarantee equal to one percent of the total bid value, a certificate on lack of debts on the payment of taxes and other compulsory payments, and a bank certificate about the financial situation's last year of activity.

The bids and a bank guarantee are accepted until 6:00 p.m. on Aug. 29. The tender fee is 1,000 manat.

The consolidated audit report for the first half of 2011 should be prepared by Dec. 9, 2011. The full year report must be prepared by May 1, 2012.

Additional information is provided by the senior auditor of the IBA Internal Audit Department V. Akhmadov. Tel: (+99412) 4988536. fax: 498-85-36 (14-19).

The IBA was established in 1992 as the successor of the Azerbaijani branch of Vnesheconombank. The IBA holds a dominant position in the country's banking sector. The state share in its charter capital is 50.2 percent; the rest are distributed among private businesses and individuals.

The official exchange rate is 0.7864 manat to $1 on July 26.

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