Moore Stephens Azerbaijan conducts reconciliation of Extractive Industries Transparency Initiative reports for Azerbaijan and Afghanistan

Azerbaijan, Baku, June 12 / Trend / Moore Stephens Azerbaijan has completed the reconciliation of the Extractive Industries Transparency Initiative (EITI) reports for Azerbaijan, covering the year ended 31 December 2011. This is the 16th EITI reporting cycle in Azerbaijan. "This is the 9th reconciliation report completed by Moore Stephens Azerbaijan for EITI Azerbaijan. The first time we were appointed to conduct this high calibre assignment was in 2007. Since then, we have accumulated significant experience with EITI. This has allowed us to win a competitive bid to conduct the 1st and 2nd reconciliations for the EITI in the Islamic Republic of Afghanistan. After a few months of rigorous preparation, we travelled to Kabul at the end of May to deliver the reconciliation report and attend the multilateral report dissemination meeting organised by the Afghanistan Extractive Industries Transparency Initiative (AEITI) Secretariat. We believe that this is an extremely important exercise for both countries, Azerbaijan and Afghanistan." - stated Mr. Hikmet Allahverdiyev, managing director of Moore Stephens Azerbaijan. EITI is an international multilateral voluntary initiative, supported by a coalition of extractive (oil, gas & mining) companies, governments, investors and civil society organisations and a global standard for improved transparency in the oil, gas and mining industry. EITI was first announced in 2002, and launched in mid 2003. The same year Azerbaijan joined EITI. Azerbaijan is the first country to complete the validation process and designation as an EITI Compliant country. Azerbaijan was awarded the "2009 EITI Award" for its commitment to EITI principles and criteria and achievements in EITI Implementation. Afghanistan made a strategic decision to implement the EITI standards in 2009. Following this, in February 2010, Afghanistan became an EITI Candidate country. Following the reconciliation performed by Moore Stephens Azerbaijan, Afghanistan is to undergo the validation process by an independent validator to become an EITI Compliant country in the near future. For more information on EITI please follow the link: http://eiti.org/ and http://www.1news.az/economy/oil_n_gas/20120606053417675.html Link for MSA: http://www.moorestephens.com/FirmProfile.aspx?ID=3F508EE20BBD53ED42BB50DDC06FD36B Do you have any feedback? Contact our journalist at agency@trend.az