ECONOMY
Price Waterhouse Coopers to audit SOFAZ financial statements for 2013, 2014, 2015
Baku, July 26 (AZERTAC). The State Oil Fund of the Republic of Azerbaijan held a competitive bidding procedure aimed at selection of an audit company for auditing its financial statements for 2013-2015. Leading international audit companies represented in Azerbaijan were invited to participate in the bidding, which was organized in compliance with the procurement laws.
After the evaluation of the proposals presented by the bidding audit companies, pursuant to the Statutory Regulations of the State Oil Fund, Price Waterhouse Coopers was appointed as the auditor of the Fund`s financial statements for 2013, 2014, 2015 by the President of the Republic of Azerbaijan.
Ernst & Young company was SOFAZ`s auditor for the previous three years.
SOFAZ was established in 1999. Its assets were in the amount of $271 million at the time.
Under the company`s policy, SOFAZ funds may be used for construction and reconstruction of strategically important infrastructure projects, as well as for the solution of important national issues. From 2001 to 2009, special attention was focused on the development of both the oil sector and the infrastructure of the non-oil sector of the country. At present, SOFAZ funds a number of strategic projects in the irrigation and transport sectors.
SOFAZ also pursues a goal of placing the fund`s assets abroad to minimize the negative impact on the economy and prevent `Dutch disease`, to ensure savings for future generations and to maintain the current socio-economic standards of the country.