Turkmenistan Announces International Tender for Audit of All Banks
Turkmenistan plans to announce an international tender to select a reputable foreign audit firm to conduct an independent audit of the financial statements of the country's key credit institutions.
The proposal was presented to President Serdar Berdimuhamedov by Deputy Chairman of the Cabinet of Ministers Hojamyrat Geldimyradov during a meeting of the Turkmen government on Friday, November 28.
As reported, the following banks will be audited: The State Development Bank, the State Bank for Foreign Economic Affairs, the state-owned commercial banks Daýhanbank and Turkmenistan, as well as the joint-stock commercial banks Türkmenbaşy, Halkbank, Senagat, and the Turkmen-Turkish Joint-Stock Commercial Bank.
The audit will be conducted in accordance with the Laws of Turkmenistan "On Credit Institutions and Banking" and "On Auditing Activity," as well as within the framework of the Accounting and Auditing Reform Program.
The engagement of an international audit firm, included in the list of reputable foreign firms, will allow for an objective analysis of the accuracy of the financial statements of credit institutions and an assessment of their banking activities.
After hearing the report, President Serdar Berdimuhamedov approved the proposal to announce an international tender in the media for audits of the country's banks and emphasized the need for further improvements in the banking sector.
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