Audit services in Azerbaijan improving step by step
BAKU, Azerbaijan, Sept.22
By Zeyni Jafarov - Trend:
Audit services in Azerbaijan have remained unnoticed for the most part until 2017, Director of A Audit and Consulting LLC Rufat Aliyev told Trend.
According to Aliyev, since 2017, in accordance with the Civil Code of Azerbaijan, the mandatory character of audit checks in all open joint stock companies have increased attention to this area and created a large market for audit services.
"However, entrepreneurs’ dissatisfaction with mandatory character of the checks was so serious that last year, according to the amendments to the Civil Code, micro and small business entities were exempted from mandatory audit," he said.
The director noted that the effectiveness of audit companies’ activity depends on how much the such companies value their activities.
Entrepreneurs who voluntarily audit their companies every year are few, while in other cases, non-planned audits are carried out either in accordance with Article 91.4 (Audit Committee of a limited liability company) of the Civil Code of Azerbaijan, or at the request of the State Tax Service under the country's Ministry of Economy, he said.
As he noted, given that audit services are at the development stage, it can be asserted that the situation is generally satisfactory.
Aliyev also added that despite the steps taken in this area, the development of audit services in Azerbaijan is not fully and properly developed, the reason for which is the indifferent approach of entrepreneurs to the audit process.
As he noted, in order to develop the audit services, it’s necessary to constantly improve knowledge and skills, which also depends on supply and demand in the market.
"The dynamics of contacting audit companies continues to grow, and in the current situation, the dynamics of demand is directly proportional to the situation with COVID-19 in the country," he summed up.
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