Baku, Azerbaijan, Oct. 31
By Zeyni Jafarov - Trend:
The slowdown in the development of audit services is caused by the lack of awareness of some entrepreneurs about the legal requirements for passing the mandatory audit, Director and Auditor of ‘A Audit and Consulting LLC’ Rufat Aliyev told Trend.
“Despite the efforts of auditors to convey to entrepreneurs the seriousness of these measures, most of them do not feel responsible due to the absence of a real fine. Fines can be applied not only for evading the audit but also for its untimely passage,” he noted.
“The investigations conducted by the Chamber of Accounts of Azerbaijan in June 2020 show that about 4,000 out of more than 46,000 economic entities in the country, passed a mandatory audit in 2019, which makes up 8.09 percent. The statutory audit rate for joint-stock companies in 2019 was 47.8 percent, and for limited liability companies - 3.9 percent,” Aliyev noted.
“There are few entrepreneurs who voluntarily check their companies every year. In other cases, unscheduled audits are carried out either in line with Article 91.4 of the Civil Code of Azerbaijan or by the request of the State Tax Service under the Ministry of Economy of Azerbaijan,” he added.
Proceeding from the fact that audit services are at the stage of development, it can be argued that the situation is generally satisfactory, Aliyev added.