Azerbaijan's Chamber of Auditors talks work based on international standards

Business Materials 5 April 2021 11:34 (UTC +04:00)
Azerbaijan's Chamber of Auditors talks work based on international standards

BAKU, Azerbaijan, Apr.5

By Fidan Babayeva - Trend:

Azerbaijani Chamber of Auditors has completely fulfilled the thematic plan for 2020, Najaf Talybov, advisor to the chamber’s chairman on scientific-methodological issues, told Trend.

According to Talybov, in 2020 the Chamber of Auditors implemented comprehensive measures to regulate and organize audit, apply international standards in this area, ensure transparency and comply with ethical standards.

"Within the adopted decisions, measures were taken to control quality, agitation and promotion of audit, especially proposals were developed to improve legislation, methodological materials were created,” he said. “Besides, advanced training courses, seminars, webinars were organized, the work of the chamber's website was improved, a system of 'personal accounts' created, and personnel issues resolved."

As the adviser further noted, by the Chamber Council’s decision dated November 26, 2020, the Action Plan for this year has included measures to raise transparency in the field of improving the legislative and regulatory framework for auditing.

"Since 2010, in accordance with the decision of the Council of the Chamber in Azerbaijan, international audit standards adopted by the International Federation of Accountants have been applied," he added.

“In recent years, Azerbaijan has been paying special attention to the application of international standards in the field of accounting, reporting and auditing to increase transparency in the economy,” concluded Talybov.

The Azerbaijani Chamber of Auditors is an independent financial control body. As of January 1, 2021, its assets amounted to 474,000 manat ($278,820), which is 9.7 percent more than a year earlier.


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