Azerbaijan, Baku, Feb.12 / Trend N. Ismayilova /
A draft on amending the law "On Auditing" and the Code of Administrative Offences has been approved at the parliamentary meeting in Azerbaijan this week.
According to the additions, the amount of penalty for officials who evade statutory audit will be from 300 to 600 manat and legal entities - from 500 to 2,500 manat.
Under the law, an audit is compulsory for business entities obliged to publish financial reporting in the cases stipulated by law.
The Azerbaijani Auditors' Chamber was established in Sept. 1995 and launched activities in April 1996. Azerbaijan adopted the law on "audit activity" in 1994. In Azerbaijan, world-known auditing firms such as PricewaterhouseCoopers, Deloitte, Ernst & Young, KPMG, BDO Azerbaijan and others have been operating.