Azerbaijan, Baku/ Trend / The sixth reporting cycle on implementation of Extractive Industries Transparency Initiative (EITI) in Azerbaijan has been launched on April 19, 2007 at the meeting of the Selection Group, which was established in accordance with the Memorandum of Understanding signed between the Governmental Committee on EITI, foreign and local extractive industry companies (oil and gas) and the NGOs' Coalition for Increasing Transparency in Extractive Industries to implement EITI in Azerbaijan, a message being spread by SOFAZ (State Oil Fund of Azerbaijan) says. The Group decided to send invitations to bid to the Azerbaijan offices of the world-known international audit companies.
An audit company will be selected to collate the 2006 annual reports submitted by the Azerbaijan Government and oil and gas companies in accordance with the EITI implementation mechanism in Azerbaijan.
Each reporting period require a new tender. An audit company is approved at a joint meeting of the Governmental Committee on EITI Initiative, foreign and local extractive industry companies (oil and gas) and the NGOs' Coalition for Increasing Transparency in Extractive Industries to implement EITI in the country.
Notably, in 2003, 2004, and 2005, the audits were conducted by Deloytte. The report on the first six months of 2005 was prepared by GN Mak Azerbaijan LTD, which is a part of Accountants Global Network Group of Companies. Deloytte