BAKU, Azerbaijan, Apr. 9
By Fidan Babayeva - Trend:
The Chamber of Auditors of Azerbaijan issued 22 licenses for activities on audit to local audit organizations in 2020, Chairman of the Chamber of Auditors Vahid Novruzov told Trend.
According to the chairman, there are a number of local structures operating in this area, which are also included in the network of international audit organizations or are members of a professional association.
“In recent years, Azerbaijan has mainly focused on the application of international standards on accounting, reporting and auditing to increase transparency in the economy. This is obliged by the instructions of the President of Azerbaijan and the requirements of the adopted national programs in the field of combating corruption and illegal circulation of funds. Transparency and accountability are the foundations for a sustainable and rapidly growing economy. World practice shows that only a transparent economy can be stable, develop rapidly, and actively attract foreign investments,” Novruzov said.
The application of international standards on independent audits in Azerbaijan began in 2010, he said.
“This was preceded by a huge preparatory work on translation and editing of international auditing standards, obtaining approval from the International Federation of Accountants, publishing collections of standards in Azerbaijani,” Novruzov said.
In other words, international auditing standards and amendments to them are regularly translated and brought to the attention of local auditors, the chairman added.
The Chamber of Auditors of Azerbaijan is an independent body of financial control.
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