The Chamber of Audit of Azerbaijan concluded work over the improvement of the legislation in the sphere of audit activities, the Audit Chamber told Trend. As the work was implemented at the expense of the World Bank (WB), the bills developed thus far will be accorded with the specialists of the bank and after presented to the relevant bodies.
A WB mission is expected Azerbaijan in April in this respect, a source at the Chamber added.
Touching upon the supplements and changes to the legislature on audit activities, in particular, the laws on Audit Services and on Internal Audit, the same source said noted that the bill specifies the audit of economic subjects and level of fines imposed on the enterprises in case of evasion from tax payments, as well as commitments on insurance of audit sector.
The World Bank grant allocated for development of accountancy system and audit comprises $340,000.