KPMG Azerbaijan, a subsidiary of the Big 4 consultancy, will be audited by Azerbaijan's public Auditing Chamber, Turan news agency reported on July 22 citing Akram Hasanov, the head of the now-bankrupt Bank Standard's creditors' committee.
KPMG was the external auditor of both Bank Standard and another failed bank, Bank Technique, between 2013 and 2016. According to Hasanov, the audit will be conducted after the creditors' committee filed a petition with the government auditing chamber to go ahead with the exercise in order to investigate why KPMG did not identify financial troubles at the lenders in its yearly audits.
According to the report, the audit chamber will perform an unscheduled audit at KPMG. After the two lenders had their licences revoked in 2016 due to their failure to meet mandatory minimum capital requirements, KPMG was appointed as an auditor by the government-led Deposit Insurance Fund (ADIF) to appraise the value of Bank Standard's assets.
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