Azerbaijan, Baku, Nov. 25 / Trend U.Ismayilova /
Azerbaijan will fully transfer to international auditing standards from January 2010, Azerbaijani Auditors Chamber head Vahid Novruzov said today.
"The standards have already transferred in English and they are in the printing house," he said.
According to Novruzov, international standards will be prepared in Azerbaijani and circulated to all auditors in the near future.
Under a joint project to improve the corporate and state sector (CAP/SAP) accounting system, the World Bank will allocate additional financing for the Azerbaijan Accounting Chamber in the amount of $24 million. The grant agreement was signed in September 2008.
The project is financed by a WB loan ($11 million), Japanese PHRD Fund grant ($3 million), Seco ($2 million) and Azerbaijani government ($8 million).
The project envisages $6 million for introducing IFRS in the commercial sector, $10 million for International Public Sector Accounting Standards, Public Internal Finance Control and increasing external audit in the public sector, as well as $8 million for improving accounting and auditing management. The Swiss State Secretariat's funds will be spent on improving internal financial controls over public revenues management. Advisory services are envisaged to support the transformation of the chamber into an independent higher auditing institution.
Azerbaijan has prepared 28 national commercial standards - 35 financial reporting and auditing standards. Azerbaijan's state sector launched the transition to IFRS on Jan. 1, 2008.
The Azerbaijani Auditors Chamber was established in September 1995 and began work actively in April 1996.
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