Auditors to submit tender offers for EITI report in April

Oil&Gas Materials 18 April 2006 18:37 (UTC +04:00)

By the end of April 2006 international audit companies operating in Azerbaijan are invited to submit their tender offers on compilation of the second semiannual report under Extraction Industry Transparency Initiative (EITI).

Trend reports with reference to State Oil Fund of Azerbaijan (SOFA) that tender group ha finally decided to dispatch invitations to all these companies.

Upon the selection of the auditor, the deadline for report submitting will he established. The report will be prepared based on revision of oil&gas industry companies revenue reports.

Governmental commission for EITI together with representatives of local and foreign oil companies and Extraction Industry Transparency Coalition are calling for tender on each reporting period and approve the responsible audit company.

Deloytte performed audits for fiscal years 2003 and 2004, and AGN Mak Azerbaijan LTD of Accountants Global Network performed audit for the first half-year of 2005. By queue principle, State Oil Fund has paid for audit services twice and companies within EITI have paid once. Since the current audit is financed by companies, they are now coordinating the payment terms.