BAKU, Azerbaijan, September 19. The VIII Eurasian Forum of Accountants and Auditors has been held in Baku, Trend reports.
The forum featured speeches by Azerbaijan's Deputy Finance Minister Azer Bayramov, Finance Minister of Nakhchivan Autonomous Republic (NAR) Hasan Ismailov, Vice President of the International Union of Economists Ziyad Samadzade, and others.
The forum's topics included: the development of SOCAR's sustainability reports in recent years and new sustainability-related requirements in financial reporting; the role of tax policy in a green economy; how public auditors are responding to the climate crisis and energy transition; Azerbaijan-2030: legal regulation of sustainable finance; and the ESG agenda.
Azerbaijan's Deputy Finance Minister, Azer Bayramov, has stated that there is a need for new approaches to transparency in the process of transitioning to green energy.
“To date, it is clear that the transition to a new stage of development requires significant efforts. Given the increasing needs and preparation for natural challenges, it is clear that both economic and social measures are important to achieve sustainable development,” he said.
According to him, the Azerbaijani government is actively working on the socio-economic development of the country, paying attention to the issues of environmentally friendly technologies and waste recycling.
“The remediation of contaminated areas has become an important part of this process. Such initiatives not only contribute to the country's development but also meet international standards in the field of green economy. Transition to a green economy also requires more efficient use of natural resources and reduction of environmental damage. In this context, energy efficiency measures play an important role. It is important to note that new approaches to transparency and accountability in this issue have become an integral part of the modern decision-making process,” he added.
The Nakhchivan Autonomous Republic (NAR) is actively implementing innovative approaches in the field of financial accounting and control.
Furthermore, the Minister of Finance of the Nakhchivan Autonomous Republic (NAR), Hasan Ismailov, noted that innovative approaches in the sphere of financial accounting and control are being actively implemented in the NAR.
“The financial system of the state plays a key role in ensuring the sustainability and transparency of economic activity. One of the most important aspects is the organization of the accounting and auditing system. Transparency issues in this sphere are regulated at the legislative level, which ensures strict control and accounting of all financial transactions within the country. The role of the state as a regulator is particularly significant here: its activities are aimed at increasing confidence in financial processes and harmonizing them with international standards. The introduction of these standards contributes not only to greater transparency of financial reporting but also to the effectiveness of supervision over its implementation,” he said.
He noted that state financial control and supervisory mechanisms make accounting and auditing processes more accurate and transparent.
“As a result, financial risks are reduced, which helps to maintain the stability of public finances. The development of the accounting and auditing system plays a crucial role in the successful implementation of the state's economic and financial strategy. This process affects not only the public sector but also private business, which, through a transparent accounting and reporting system, can more effectively interact with government programs. It is important to note that the introduction of electronic accounting and control systems also plays a significant role in minimizing corruption risks and preventing abuse. Such systems facilitate the optimal use of financial resources and ensure better control over their allocation. For instance, NAR is actively implementing innovative approaches in the field of financial accounting and control, for example, a system that promotes the automation of processes and harmonization with international standards,” he added.
Afterward, memoranda were signed within the forum.
The first memorandum of understanding was signed by the Baku Higher School of Petroleum and the UK Institute of Public Finance and Accountancy.
The memorandum aims to recognize qualifications leading to exemption from CIPFA (Chartered Institute of Public Finance and Accountancy) examinations and to create experience to achieve CPFA qualifications, mutual support between the parties, exchange of experience and best practices, cooperation in training and skills development through CPD (Continuing Professional Development) courses and programs.
The second memorandum of cooperation was signed between the Chamber of Financial Auditors of Romania (CAFR) and the Association of Professional Financial Managers of Azerbaijan (APFM).
The Memorandum aims to promote the development of the auditing and accounting professions in the national economic environment. The parties will support the promotion of international accounting and auditing standards to improve financial reporting. The document includes mutual support in organizing Continuing Professional Development (CPD) programs as well as consultations on professional issues at the international level.
The third memorandum of cooperation was signed between the Institute of Accountants and Auditors of Montenegro (IAAM) and the Association of Professional Financial Managers of Azerbaijan (APFM).
The main focus is on the development of the accounting and auditing professions in the two countries and strengthening economic ties, promotion of international financial reporting and auditing standards to improve reporting at the national level, mutual support in professional development, and quality assurance of the organization's members.
The fourth memorandum on cooperation was signed between the Chamber of Auditors of Uzbekistan and the Association of Professional Financial Managers of Azerbaijan (APFM).
The purpose of the memorandum is to strengthen cooperation and development of accounting and auditing professions in the two countries and promote international auditing and financial reporting standards to improve the quality of financial reporting at the national level.
The parties agreed to jointly support the professional development of the organization's members and the introduction of best practices in accounting and auditing activities.
