PriceWaterhouseCoopers (PwC) will audit the financial activity of Azerbaijan’s State Oil Fund (SOFAZ) in 2016-2018, SOFAZ said in a message July 12.
SOFAZ earlier held a competitive bidding to select an audit company for the provision of audit services.
After the evaluation of the proposals presented by the bidding audit companies, pursuant to the Statutory Regulations of the State Oil Fund, PwC was appointed the auditor of SOFAZ’s financial statements.
SOFAZ was audited by PwC in the past three years.
SOFAZ was established in 1999 with assets of $271 million. As of April 1, 2016, SOFAZ’s assets increased by 2 percent and amounted to $34.25 billion as compared to $33.57 billion in early 2016.