The State Oil Company of Azerbaijan (SOCAR) and 5 organizations entering it are eligible to pass to international financial responsibility standards since 1 July 2007. The SOCAR told Trend that the consultative services will be rendered an international audit company PricewaterhouseCoopers.
In compliance with a contract signed between the SOCAR and PricewaterhouseCoopers, by the end of 2006 the consultant is committed to render consultations, which should ensure maximal basis for application of IFRS in the further stage.
The measures to be implemented by the end of the year have been specified a business program coordinated with the Finances Ministry
conduct of analysis of accountancy system in connection with the application of IFRS;
- development of an accountancy policy inline with the IFRS;
development of a plan n working accountancy and building on registers on their basis;
development of Instruction on accountancy , in accordance with the plan on working accounts;
development of instructions on accountability in line with IFRS
The transition of the SOCAR to international accountancy standards does not mean that it pass international audit every year. The SOCAR does not see special necessity in it. Moreover, the international financial institutes, which earlier insisted on auditing he financial-economic activate of the SOCAR by world renounced audit companies, now do not demand it.