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Azerbaijan’s Chamber of Auditors focuses on increasing transparency in economy

Business Materials 19 July 2020 14:23
Azerbaijan’s Chamber of Auditors focuses on increasing transparency in economy

BAKU, Azerbaijan, July 19

By Fidan Babayeva - Trend:

Azerbaijan has recently paid special attention to the application of international standards in the field of accounting, reporting and auditing to expand transparency in the country's economy, Chairman of the Chamber of Auditors of Azerbaijan Vahid Novruzov told Trend.

“The Azerbaijani president’s instructions and the requirements of the adopted national programs in the field of combating corruption and illegal circulation of funds stipulate this,” Novruzov added.

"This is not casual,” the chairman added. “Transparency and accountability are the basis for the stable and rapidly developing economy. The world practice shows that only the transparent economy may be stable, develop rapidly and actively attract foreign investments."

The chairman stressed that the application of international standards in Azerbaijan was launched in 2010 in the sphere of independent audit.

"This was preceded by the huge preparatory work on translation and editing of international audit standards with the approval of the International Federation of Accountants, as well as the publication of collections of standards in the Azerbaijani language," Novruzov said.

“In other words, international auditing standards and amendments to them are regularly translated and brought to the attention of auditors for their application,” the chairman added.

"To learn from the international experience, we cooperate with our foreign colleagues and ensure the participation of auditors in seminars and conferences,” Novruzov added. “The relevant structure of the Chamber renders assistance to the independent auditors and audit organizations that have received permission for this activity."

The Chamber of Auditors of Azerbaijan is an independent financial control body. The Chamber ended 2019 with the profit worth 8,000 manat ($4,705). As of January 1, 2020, the Chamber’s assets amounted to 474,000 manat ($278,823), which is 9.7 percent more than a year earlier.

(1 USD = 1.7 AZN on July 19)

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