Law on Internal Audit Passed in Parliament

Politics Materials 22 May 2007 20:24 (UTC +04:00)

Azerbaijan, Baku / Тrend corr I. Alizadeh / A draft law on internal audit was adopted at the meeting of the Milli Majlis (Azerbaijani parliament) on 22 May. The chairman of the permanent parliamentary commission on economic policy, Ziyad Samadzadeh, reported that the law defines the organization of an internal audit service, legal basis of internal audit, rights and obligations of internal auditors, provides for an increase in management efficiency, rational use of internal resources and management of risks.

The draft law was discussed at the first and second reading. The purpose of the law is to raise efficiency in audit services, assessment of risks and purposeful utilization of internal resources.

The law was improved on the basis of proposals voiced at discussions during the second reading. The law was adopted at the third reading.