Azerbaijan’s Chamber of Auditors talks on audit problems

Business Materials 1 March 2019 09:49 (UTC +04:00)

Baku, Azerbaijan, March 1

By Sara Israfilbayova – Trend:

Incomplete financial reporting given by business entities has a negative impact on the process of passing the compulsory audit and creates problems while carrying out the external audit, Chairman of the Azerbaijan Chamber of Auditors Vahid Novruzov told Trend.

“There are a number of problems in this sphere,” he said.

Among them, he called such cases as clash of interests and dumping (sale of goods and services at artificially low prices), an increase in cases of choosing an auditor by the client and widespread unfair competition.

"There are also problems in connection with the violation of the principle of auditor independence and the discrepancy between prices and the quality of the rendered audit services," Novruzov said.

He stressed that the audit legislation should be also improved.

Speaking about the plans for this year, Novruzov stressed that the Chamber intends to translate and edit the second volume of the 2017 International Standards on Auditing and international standards on auditing while carrying out the audit of small and medium-sized enterprises.

He stressed that a curriculum for courses to improve the skills of auditors for 2019 is also planned to be prepared.

"We also plan to improve the exam programs to become an auditor and bring the programs closer to the international standards," Novruzov said.


Follow the author on Twitter: @IsrafilbekovaS