DUSHANBE. June 7. “Asia-Plus” — Tajik open joint-stock holding company “Barki Tojik” has published the results of independent audit, conducted by Marka Audit Bishkek auditing company, on consolidated financial statements, prepared on December 31, 2008, on its website.
According to the report, no independent audit, value calculation or depreciation analysis were conducted with regard to the company’s fixed assets. “Thus, neither historic value nor true value of fixed assets and unfinished capital investments are shown in the report. This is violation of International Financial Reporting Standards (IFRS). As a result, amortization costs added to profit and loss were calculated with violation of IFRS. We could not define the financial effect of the given deflection from IFRS and therefore can not confirm the overall value of fixed assets and accrued amortization reflected in the financial reports,” the auditor says.
Furthermore, auditors did not observe the process of inventory of inventory holdings of the Barki Tojik as of 31 of December 2007.
“Due to specific character of accounts of Barki Tojik we could not check the amount of inventory holdings through other auditing procedures,” the report says.
Furthermore, specialists of the Marka Audit Bishkek note that Barki Tojik had account payable in foreign currency due to the fact that the company purchases equipment and materials from foreign suppliers and such calculations are being made in foreign currency.
“Due to the lack of accounts in currency the company failed to conduct recalculation of the existing debt for the reporting period, thus, violating IFRS. We were not able to identify the financial effect of the given deflection from IFRS and, therefore, can not confirm the balance,” the report says.
