Azerbaijan, Baku, Sept. 30 / Trend E. Aliyev /
A working group formed of staff and members of the Azerbaijani Chamber of Auditors, is completing its work on an audit development concept, head of the Azerbaijani Chamber of Auditors Vahid Novruzov said at the fourth Eurasian Forum of Accountants and Auditors in Baku on Friday.
"Its main objective is to suport the measures envisaged by 'Azerbaijan 2020: A Look into the Future' development concept. This is aimed at increasing transparency, civilian development and Azerbaijan's integration into the world economy, as well as clarifying the role and opportunities of the independent audit in the new financial and economic conditions.
"It will also determine audit development directions in Azerbaijan, expanding the market of audit services, improving control in this sphere, as well as preparing and elaborating the proposals to update the regulatory framework in the sphere of auditing in Azerbaijan," Novruzov added.
According to him, the concept revised the audit objectives which have been brought into line with modern requirements.
"Among them are ensuring the accuracy of financial reporting and protecting the interests of their users. This is as well as the leading role of auditors in economic management and effective decision-making on the basis of transparent information, expanding activity aimed at revealing economic development prospects, eliminating unhealthy competition and using ICT in the audit," Novruzov added.
"The independent audit development from the point of view of modern requirements lays the foundation necessary to reduce the risksto the economy and finance and to improve their management," he added.
Baku hosted the fourth Eurasian Forum of Accountants and Auditors, organised by the Azerbaijani Union of Economists, Chamber of Auditors of Azerbaijan Republic and the Association of Professional Financial Managers of Azerbaijan.
The forum was dedicated to risk management and internal control. Representatives from influential international accounting and audit companies, specialised institutes in the United Kingdom, Russia, Turkey, Ukraine, China, Georgia and other countries, as well as various ministries, departments and the Parliament of Azerbaijan attended the forum.