SOFAZ'S 2003 IAS AUDIT IS COMPLETED
Report of Independent Auditors
To the State Oil Fund of the Republic of Azerbaijan:
We have audited the accompanying statements of financial position of the State Oil Fund of the Republic of Azerbaijan (the “Fund”) as of December 31, 2003 and 2002, and the related statements of financial performance, changes in net assets, and cash flows for the years then ended. These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with International Standards on Auditing issued by the International Federation of Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund at December 31, 2003 and 2002, and the results of its financial performance and its cash flows for the years then ended in conformity with International Public Sector Accounting Standards issued by the Public Sector Committee of the International Federation of Accountants.
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