Official notes Azerbaijan's breakthrough in increasing financial transparency

Politics Materials 13 January 2024 12:37 (UTC +04:00)
Official notes Azerbaijan's breakthrough in increasing financial transparency
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 13. Azerbaijan has reached great success in boosting financial transparency, improving accountability, and strengthening the rule of law in recent years, the Chairman of the Azerbaijani Chamber of Auditors Vahid Novruzov said, Trend reports.

He made the remark during the forum-seminar "Reporting and transparency in the context of the challenges of the new era" in Baku.

"The successful implementation of economic reforms in the country under President Ilham Aliyev's leadership, including the implementation of state programs on entrepreneurship development, improving the standard of living, reducing the shadow economy, and intensifying the fight against corruption, emphasizes the importance of transparency in the governance system and overall economic and social life in Azerbaijan. This lays the groundwork for the establishment of a sustainable and inclusive economy," the official noted.

Novruzov also mentioned that Azerbaijan can expect even greater success this year.

"In December of last year, a historic event took place: the countries of the world unanimously voted for the organization of COP29 in Azerbaijan. This signifies another success for Azerbaijan," he added.

According to him, Azerbaijan should establish a modernized audit system that can contribute to achieving Sustainable Development Goals (SDGs).

"Audit and accounting play a crucial role in realizing eight out of the 17 SDGs. Research and comments from the World Bank indicate that these areas are indeed vital for ensuring the country's sustainable development," he pointed out.

Novruzov also noted that in line with the state policy implemented over the last 20 years, the institution of independent reporting, auditing, and valuation has undergone significant development, increasing its effectiveness, and strengthening digitalization and integration into international processes in these areas.

"Over the past period, the volume of auditing services in Azerbaijan has increased more than 40 times. Currently, 157 auditing organizations and 68 independent auditors provide services in this field," he said.

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