DUSHANBE, September 16, Asia-Plus – Ernst & Young LLP (London, UK) started the special audit of the National bank of Tajikistan (NBT) on September 11, according to the NBT.
As it had been reported earlier, the tender on the selection of the audit company which will carry out the special audit of Tajik central bank was finalized on August 10, and as a result of the tender, Ernst&Young was selected as the winner. The special audit is planned to be conducted till mid-November.
According to the work task for carrying out the special audit of monetary-and-credit aggregates and some transactions posted on Tajik central bank’s website, the audit is aimed to check the adjusted data submitted to the International Monetary Fund. This aspect should include checkup of procedures of reporting data to the IMF through the IMF representative office in Tajikistan for the purpose of working out recommendations on raising effectiveness of control mechanisms dedicated to provide accuracy and reliability of the data.
The audit will also assess effectiveness of the structure of management and means and methods of control at the NBT in order to work out specific recommendations on measures for avoiding providing inaccurate financial information in the future.
Besides, transactions with use of funds, information about which has not be submitted to the IMF and external auditor, will also be audited. They will audit, in particular, financial transactions connected with CreditInvest. The audit will check competence of payments made by CreditInvest to the third parties.
The special audit is carried out within the framework of the Staff Monitored Program (SMP), which covers the period June 1-December 31, 2008. The SMP establishes a macroeconomic framework that will support the country’s efforts at economic stabilization and implementation of structural reforms to help address the current problems faced by Tajikistan. At the core of this program are measures to strengthen the autonomy and governance of the National Bank of Tajikistan (NBT), aiming to address weaknesses exposed by the recent incident of misreporting. Tajikistan reached understanding with Fund staff on the SMP during the April 17-30 mission.
