Azerbaijan, Baku / Trend corr U. Ismayilova / A joint meeting of the Governmental Commission on Extractive Industry Transparency Initiative (EITI) for local and foreign oil companies and the Coalition on improvement of transparency in extractive industry selected Moore Stephens, an international auditing company, to develop the EITI report for the 1st half of 2007, according to the State Oil Fund of Azerbaijan Republic (SOFAR).
Four leading international well-known auditing companies operating in Azerbaijan - Deloitte, Ernst & Young, KPMG, PriceWaterhouseCoopers, as well as Moore Stephens Azerbaijan - were invited.
After applying to oil and gas companies they must submit reports on transfers to Moore Stephens within a month, while the auditor must compare reports of the companies and the reports on receipts of the Azerbaijani Government within ten days.
In compliance with queue principle, services of the auditing company will be paid by SOFAR.
In 2003, 2004 and 2005 audits were carried out by Deloitte, while the report on the 1st half of 2005 was developed by AGN Mak Azerbaijan LTD, which is included in the Accountants Global Network group of companies.