...

Azerbaijan's Nakhchivan embraces innovation in financial governance

Business Materials 19 September 2024 11:36 (UTC +04:00)
Azerbaijan's Nakhchivan embraces innovation in financial governance
Kamran Gasimov
Kamran Gasimov
Read more

BAKU, Azerbaijan, September 19. Innovative approaches in the field of financial accounting and control are being actively implemented in Azerbaijan's Nakhchivan, the Finance Minister of the Nakhchivan Autonomous Republic Hasan Ismayilov said during the VIII Eurasian Forum of Accountants and Auditors in Baku today, Trend reports.

"The financial system of a state plays a key role in ensuring the stability and transparency of economic activity. One of the most important aspects is the organization of accounting and auditing systems. Transparency issues in this sphere are regulated at the legislative level, ensuring strict control and accounting of all financial operations within the country.

The role of the state as a regulator is particularly significant: its activities aim to increase trust in financial processes and harmonize them with international standards. The implementation of these standards not only enhances the transparency of financial reporting but also improves the effectiveness of its oversight," he also said.

According to him, state financial control and supervisory mechanisms make accounting and auditing processes more accurate and transparent.

"As a result, financial risks are reduced, which helps maintain the stability of public finances. The development of accounting and auditing systems plays a crucial role in the successful implementation of the state's economic and financial strategy. This process affects not only the public sector but also private businesses, which can interact more effectively with state programs through a transparent accounting and reporting system.

The introduction of electronic accounting and control systems also plays a significant role in minimizing corruption risks and preventing abuses. Such systems contribute to the optimal use of financial resources and ensure stricter control over their allocation.

In Nakhchivan, for example, innovative approaches in financial accounting and control are being actively implemented, such as systems that facilitate process automation and alignment with international standards," he added.

To note, the forum is also expected to feature speeches by Azerbaijan's Deputy Minister of Finance Azer Bayramov, Vice President of the International Union of Economists (IUE) Ziyad Samadzada, President of the International Federation of Accountants (IFAC) Asmaa Resmouki, and others.

The forum's topics include the development of SOCAR's (State Oil Company of Azerbaijan) sustainability reports in recent years and new sustainability-related requirements in financial reporting; the role of tax policy in the green economy; how state auditors are responding to the climate crisis and energy transition; and Azerbaijan 2030: legal regulation of sustainable financing and the ESG (Environmental, Social, and Governance) agenda.

Stay up-to-date with more news on Trend News Agency's WhatsApp channel

Tags:
Latest

Latest