RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of October 5, 2007 No. 155

About approval of Terms of step-by-step application of the Law of the Azerbaijan Republic "About internal audit" on the economic subjects which are object of statutory audit

For the purpose of ensuring execution of Item 1.3 of the Presidential decree of the Azerbaijan Republic "About application of the Law of the Azerbaijan Republic "About internal audit" of June 29, 2007 the No. 603 Cabinet of Ministers of the Azerbaijan Republic decides:

1. Approve "Terms of step-by-step application of the Law of the Azerbaijan Republic "On internal audit" on the economic subjects which are object of statutory audit" it (is applied).

2. This resolution becomes effective from the date of signing.

Approved by the resolution of the Cabinet of Ministers of the Azerbaijan Republic of October 5, 2007 No. 155

Terms of step-by-step application of the Law of the Azerbaijan Republic "About internal audit" on the economic subjects which are object of statutory audit

1. In banks - until the end of 2007.

2. In off-budget funds - till July 1, 2008.

3. In structures of social significance - till July 1, 2008.

4. In legal entities (holdings) applying summary (consolidated and summary) reports - till July 1, 2008.

5. In subjects of natural monopoly - till July 1, 2008.

6. In the credit institutions which are not banks - till January 1, 2009.

7. In the insurance (reinsurance) organizations - till January 1, 2009.

8. In financial and industrial groups - till January 1, 2009.

9. In funds - till January 1, 2009.

10. In joint-stock companies and limited liability companies:

* With annual turnover from above 100, 0 thousand manat - till January 1, 2009;

* With annual turnover less 100, 0 thousand manat - till January 1, 2010.

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