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Selection criteria of external audit company
Bank BTB Open Joint Stock Company has been operating since 2010 in the banking sector. Financial statements of local banks and local branches of foreign banks should be audited by auditor who has a special permission (license) in accordance with “The law of the Republic of Azerbaijan on banks”. Each year financial statements are audited by external auditor and results posted on the official website of bank.
External audit is selected according to the following principle in order to audit financial statements:
- Being one of the highly rated or one of the 10 largest international audit company, who has a special permission (license);
- Services offered by audit company;
- Fee for the service;
- Requirements of using audit reports.
External audit companies’ offers are accepted based on these principles and requirements. The Proposals submitted by the external audit company are investigated and package of proposals presented to Supervisory board according to the opinion of Audit Committee.
Agreement is signed with external audit company selected in accordance with the protocol of Supervisory Board in order to carry out relevant service.
Now "Baker Tilly Azerbaijan" audit company has been selected as a external auditor.