DUSHANBE, June 17, 2009, Asia-Plus — An action plan, prepared by the National Bank of Tajikistan (NBT) to follow up on recommendations of international audit and consulting firm Ernst & Young has been posted on NBT’s website.
Report posted on the website says that the central bank prepared the plan of actions on implementation of government’s recommendations for economic and financial policy for 2009-2011 that were worked out by international audit and consulting firm Ernst & Young on its website.
The document, in particular, notes that in accordance with recommendations of international audit and consulting firm Ernst & Young, the results of a special audit carried out by the firm at Tajik central bank last year were submitted to the government that, in turns, sent them to the law enforcement authorities.
Besides, central bank’s involvement in cotton financing has been ended and legal amendments made to the country’s laws on the National Bank of Tajikistan and banking activity and aimed at strengthening governance at the NBT and preventing future conflicts have been submitted to parliament.
The action plan also notes that central bank plans to liquidate the directorate for implementation of the cotton sector debt settlement strategy and next month, it will demand audited financial reports from closed joint-stock company (CJSC) Credit-Invest and cotton investors and the the bank will consider them jointly with appointed audit firm and the International Monetary Fund (IMF).
Moreover, the NBT intends to annually maintain full record of updates made on audited financial reports and regularly maintain record for confirmed data, published by IMF in its reports, as well as regularly develop the mechanism of transfer of information about any reclassification of items of the NBT balance sheets of monetary analysis purposes.
Following up on the Ernst & Young’s recommendations, the NBT plans to take measures this year to create centralized accounting system and introduce software for centralized registration of transactions carried out by regional branches as well as prepare proposals on reorganization of the NBT structures and carry out the first quarterly internal audit as of September 30, 2009.
