BAKU, Azerbaijan, April 18. Ensuring the correct calculation and payment of revenues from the government budget, also the activities of auditors in the sphere of reducing the shadow economy, contribute to increased transparency, Chairman of the Chamber of Auditors of the Republic of Azerbaijan Vahid Novruzov told Trend.
According to him, the actual purpose of the audit is to achieve transparency in the economy by ensuring transparency in financial reporting.
"In general, the activities of auditors contribute to increasing the transparency of our economy by focusing on measures against corruption, money laundering, terrorist financing, fraud in business entities, theft of property, concealment of income and unreasonable increase in expenses," Novruzov said.
Increase in transparency makes it possible to reduce risks in economic activity, make effective decisions, assess the real situation in the country's economy and also most accurately predict macroeconomic indicators, he noted.
"Low level of transparency leads to spread of corruption, the growth of illegal income restricts economic freedom,” Novruzov added.
“Our chamber cooperates closely with its partners, the Anti-Corruption Directorate with the Prosecutor General, in the fight against the legalization of property obtained by criminal means and corruption. Joint seminar was organized in this area at the end of last year and it is planned to hold another event - "2022-2026 National Action Plan to Strengthen the Fight Against Corruption,” he said.
Quality audit, prevention of unfair competition, compliance with requirements and regulatory guidelines are of decisive importance to achieve transparency in financial reporting, head of department noted.
Structure of the Azerbaijan Chamber of Auditors was changed in 2021, for that purpose, and new departments were created (for internal audition and preventing unfair competition), Novruzov added.
"Ensuring audit quality, preventing unfair competition in the service market and ensuring that auditors comply with regulatory requirements and guidance are critical to achieving transparency in financial reporting," Novruzov emphasized.
