Approved by Board of National Bank of the Azerbaijan Republic the Protocol No. 10 Register No. 11 of February 28, 2007

Rules about requirements to carrying out external audit of banks and local branches of foreign banks

1. General provisions

1.1. These rules are prepared based on the Laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks", "About auditing service", recommendations of the Basel Convention about bank control, and also other existing regulatory legal acts in the field of audit and establish rules about requirements to carrying out external audit of banks and local branches of foreign banks (further - banks).

1.2. Requirements of these rules do not extend to the external audit booked by National Bank of the Azerbaijan Republic (further - National Bank) and at the initiative of banks.

1.3. The standards of external audit required by these rules extend also to audit of affiliated economic societies of the banks combining (consolidating) the financial statements according to the International Accounting Standards (IAS).

2. Basic concepts

2.1. The concepts used in these rules have the following values:

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