Audit Chamber will check KPMG

Baku / 21.07.17 / Turan: Audit company KPMG is subject to audit by the Audit Chamber of Azerbaijan. "This became possible, thanks to the letters sent by me on behalf of the Bank Standard's creditors committee to the said chamber, as well as the Swiss embassy where KPMG and the Netherlands are registered, where its head office is located," said Chairman of the Bank Standard's creditors committee, financial expert AkramHasanov.

As you know, this company was the auditor of the two largest bankrupt financial institutions (Bank Standard and Texnikbank.) As a result, people who invested more than 1 billion manats in these banks faced the threat of losing their funds. "Therefore, an investigation should be conducted into the extent to which KPMG is involved in the bankruptcy of the said banks. In addition, this organization is an appraiser of the residual property of Bank Standard and received an additional payment for this.

I received a response to my inquiries. The ambassador of the Netherlands said that he sent my application to the head office of the company, and the Audit Chamber reports that an unscheduled audit of quality control will be carried out in this structure - this decision was made at the board meeting. We will be informed about the results of the audit, therefore, the public will be informed about this, "the expert said.

According to him, the bankruptcy of banks raises doubts about the company's activities: "Moreover, the Azerbaijan Deposit Insurance Fund (ADIF) has attracted this company to the assessment of Bank Standard's assets." This is a wrong step. "Until 2012, the external auditor of the banks that Ihave mentioned, was the PWC audit company. Then the employee of this company VugarAliyev moved to KPMG and took his clients there, thanks to which in these banks there was not conducted a normal audit in recent years ".

The position of ADIF in this regard is the following: if any client of the company goes bankrupt, this does not mean that its services cannot be used. "KPMG is in the Big Four and its conclusions are recognized all over the world," the Fund believes.-0-