BAKU, Azerbaijan, Jan. 8
By Zeyni Jafarov - Trend:
Proceeding from the results of 2020, it becomes clear that there is a need to improve the legal framework for financial reporting and audit, Najaf Talibov, advisor to the chairman of the Chamber of Auditors on scientific and methodological issues, told Trend.
“Despite the innovations introduced in this sphere, the underestimation of the importance of financial reporting by some entrepreneurs and the reluctance of certain officials in the private sector to ensure transparency in disclosing financial information create a problem in the pace of development of the audit service,” the advisor said.
Talibov said that to increase the importance of audit services, a concept for the development of the audit service in Azerbaijan for 2021 was developed in late 2020.
“This concept will also cover the next 10 years,” the advisor said. “The work is already at the final stage, in which the use of new "cloud" technologies in audit, the improvement of the audit quality control system, the implementation of measures to combat money laundering, corruption, dumping and an increase in the responsibility of auditors will be ensured to comply with legal and regulatory requirements.”
“An increase in the amount of the fulfilled contracts from 33.7 million manat ($19.8 million) to 38.2 million manat ($22.5 million), that is, by 11.88 percent in 2020 compared to the first half of 2019 was stressed,” Talibov said. “It was possible to achieve thanks to the taken measures.”
The advisor summed up that Azerbaijan has also recently paid attention to the study and introduction of international standards in the field of accounting and financial reporting, trying to expand the efficiency of application and transparency in the country's economy.
The Chamber of Auditors of Azerbaijan is an independent financial control body. At the beginning of 2020, the assets of the Chamber of Auditors amounted to 474,000 manat ($278,823), which is 9.7 percent more than a year earlier.
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