KPMG Azerbaijan: Chamber of Auditors didnâ€™t detect any issues audit of Bank Standard
- 30 March 2018
KPMG Azerbaijan has commented on the lawsuit filed against it by the Committee of Creditors of Bank Standard, which is undergoing the process of liquidation.
KPMG Azerbaijan has not received any notice of legal action.
"Regarding the provision of audit services to Bank Standard CJSC, we would like to bring to your notice that the Chamber of Auditors has conducted an appropriate audit in this regard, and under the current law and standards no issues have been detected with regard to the professional services provided by KPMG Azerbaijan to the bank,” the company said.
In connection with the bankruptcy of Bank Standard, 82 depositors have sued a number of bank insiders, including the Central Bank of Azerbaijan (CBA), the Financial Market Supervisory Authority and KPMG auditing company. Chairman of the Bank's Committee of Creditors Akram Hasanov, accused KPMG Azerbaijan of carrying out a non-objective audit of Bank Standard and creating a false impression about the bank's financial standing.