Azerbaijan to Improve Quality of Audit Services

Business Materials 19 September 2008 11:26 (UTC +04:00)

Azerbaijan, Baku, 19 September / Trend corr. U.Ismayilova / The Audit Chamber of Azerbaijan developed a draft law on Audit services with the assistance of the World Bank (WB) experts, Vahid Novruzov, the chairman of the chamber said on 18 September.

The new law will enable to improve quality of the audit activity, as well as lead to growth of responsibility in rendering audit services, he said. The chairman of the chamber believes that the parliament of the country will discuss the draft law soon.

At the WB's recommendation, the Azerbaijani Government has begun to improve a legislative base in the field of audit, to introduce new mechanism in line with eight European directives, as well as measures to develop and reform the Audit Chamber in connection with increasing number of participants at the audit market. In 2007 Laws on Interior Audit, Obligatory Insurance of Auditor's Professional Responsibility was adopted, and changes and supplements were injected into the Law on Audit Service.

The Law on Audit Activity in Azerbaijan was adopted in 1994.

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