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.
"We have not received any notifications with respect to legal actions against KPMG on subject matter. With respect to audit services rendered by KPMG Azerbaijan to Bank Standard KB CJSC, please note that the Chamber of Auditors of the Republic of Azerbaijan performed the relevant inspection and found no deviations/violations of applicable laws and standards by KPMG Azerbaijan with respect to the professional services rendered 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.