BAKU, Azerbaijan, Nov. 5
By Zeyni Jafarov - Trend:
Recent experience has shown that some audit companies don’t follow the quality standards and ethical conduct, the ‘ABAK-Az Crowe Ltd.’ company told Trend.
“At present, there are more and more cases in the audit sphere when auditors prepare unfounded reports that infringe on the interests of customers, thereby violating the laws of the country in some cases. Thus, low-quality reports, biased reviews, and other negative situations damage the stability of the banking system and financial institutions of the country. Unfair competition is one of the main prerequisites for such cases,” the company said.
“This kind of competition prevents new promising companies from entering the market and strengthening. It prevents the attraction of young experts to professional activities in this area. It also prevents ensuring the independence of auditors and introducing international experience in the audit sphere,” said the company.
“At the same time, in some cases, customers ignore the damage that the factor of foreign presence can cause the development of audit services. So, for similar services, customers of foreign companies are charged two or three times more than local auditors, which, on the one hand, negatively affects the deterioration of the local competitive environment, and on the other, the development of local companies in this area,” the company noted.
“Joint efforts are needed to prevent such negative cases, and only in this case an increase in the prestige of the auditing profession in society and further improvement of the audit service can be achieved,” the company added.