MEOD of SOCAR closes tender on selection of auditor of balance sheet
The Marketing and Export Operations Department of the State Oil Company of Azerbaijan (SOCAR) closed the tender on selection of an auditor for the 2005 preliminary balance sheet, the SOCAR told Trend. The winner of the tender was British-U.S. Ernst&Young.
The Cabinet of Ministers of Azerbaijan issued an edict on transition of the MEOD SOCAR into the international standards of the financial account from 1 January 2008. SOCAR noted, for transition to the new system from 1 January 2008 Ernst &Young recommended to conduct in 2006 evaluation of SOCAR MEOD main assets by the recognized assessors and audit of the preliminary balance report for 31 December 2005, including the results of the main assets assessment. In 2007 the MEOD should design a full package of preliminary financial account, which included balance sheet, a report on changes to its capital and report on circulation of capital. In 2008 the department will be able to prepare the financial account for 31 December 2007 up to international standards of the financial account to be examined by international auditors.