State Oil Fund held a competitive bidding procedure aimed at selection of an audit company for auditing its financial statements for the years 2003, 2004, 2005. Leading international audit companies represented in Azerbaijan were invited to participate in the bidding, which was organized in compliance with the national procurement laws.

Evaluation of the proposals presented by the bidding audit companies resulted in, pursuant to the Statutory Regulations of the State Oil Fund, the appointment by the President of the Republic of Azerbaijan of the Azerbaijan representative office of Ernst and Young, Azerbaijan as the auditor of the Fund's financial statements for 2004, 2005, 2006