Baku Stock Exchange Pioneers Attract International Auditors
Azerbaijan, Baku / Trend corr I. Khalilova / The Baku Stock Exchange (BSE) is holding a tender for attracting an international audit company to audit the financial-industrial activities of the BSE for 2006, the Chairman of the Board of the Exchange, Khayal Abdinov, reported.
"For the first time in the activities of the BSE, we want an audit done in accordance with international standards. We have sent invitations to six leading international companies," Abdinov said.
According to Abdinov, several companies refused to take part in the tender due to the late invitation. Two or three companies, however, have submitted their proposals. The BSE is now considering the term of the audit and the cost of the proposed services.
"Some of the companies require that the audit examine two years. So, we have not yet decided whether it will include 2005 as well, or only 2006. The stockholders of the BSE require an audit for 2006 and I think from now on we will hold it annually, as turnover is increasing and the Exchange is entering a new level of development, Abdinov said.
Plans to attract an auditor are a result of incomes received from 2006 for the first time in the period of activities. Net profit of the BSE made up AZN 250,000, which is 22.8% of the incomes, despite the expenditures of previous years cost some $200,000.
By the decision of the stockholders AZN 190,000 of the profits will be divided among the stockholders as dividends and the remaining AZN 60,000 will be used for further development of the Exchange.
The authorized capital of the Stock Exchange which of which 18 stockholders own units comprises AZN 1,140,000.