BAKU, Azerbaijan, Jan. 25
By Zeyni Jafarov - Trend:
The results of the past years made it clear that there is an improvement in the legal framework for financial reporting and auditing, Advisor to the Chairman of the Chamber of Auditors on scientific and methodological issues, Najaf Talibov, told Trend.
According to the advisor, despite the introduced innovations in this direction, there are still problems in the rate of development of the service. This is mainly due to the underestimation of the importance of financial reporting by some entrepreneurs.
Talibov said that in order to increase the importance of audit services, from the end of 2020, the development of a concept for the development of the audit service in Azerbaijan for the next 10 years has begun.
“Work on the implementation of this plan is already at the final stage. They address issues ranging from the preparation of instructions, recommendations, guidelines, and comments on audit activities to the application of measures in the main areas of innovative development of audit,” he further said.
According to the work schedule for 2021, the use of new ‘cloud’ technologies in audit and strengthening of cybersecurity capabilities in audit for reliability services in ‘cloud’ systems will be ensured.
Talibov noted that thanks to the measures taken, it was possible to achieve that in 2020, compared to the first half of 2019, an increase in the number of completed contracts was noted from 33.7 million manat ($19.8 million) to 38.2 million manat ($22.4 million), that is, by 11.88 percent.
“In order to increase the importance of the provided audit services, the first step is to achieve an increase in the visible and real benefits of the audit. An entrepreneur must clearly feel the impact of the auditor's work, and this requires a high-quality audit, unconditional compliance by auditors with the requirements of laws and standards, timely detection of omissions and errors in financial reports, and the availability of recommendations from auditors for their prompt elimination,” the advisor noted.
The Chamber of Auditors of Azerbaijan is an independent financial control body. At the beginning of 2020, the assets of the Chamber of Auditors amounted to 474,000 manat, which is 9.7 percent more than a year earlier.
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