Azerbaijan, Baku, May 5 / Trend U.Ismayilova /
The Azerbaijani Auditors Chamber will begin monitoring the compliance of auditor activity with international auditing standards in the second half of 2010, Chairman Vahid Novruzov said.
He added that the chamber does not exclude that some auditors are facing problems moving to international standards and the structure is ready to provide full support in this process.
"Monitoring the quality of services will also be implemented in accordance with international standards, but it is possible to face the problem in this direction, too. The chamber hopes that with the support of leading auditing firms, as well as specialists in the field, control will be held at the appropriate level," Novruzov said.
Since Jan.1, 2010, international audit standards have been applied in Azerbaijan.
The application of international audit standards in Azerbaijan was realized in four stages - improving the legal framework, advancing the normative framework, training staff and performing quality control in accordance with international standards.
The project is financed by a World Bank loan ($11 million), a Japanese PHRD Fund grant ($3 million), Seco ($2 million) and the Azerbaijani government ($8 million).
The project envisages $6 million for introducing IFRS in the commercial sector, $10 million for International Public Sector Accounting Standards, Public Internal Finance Control and increasing external audit in the public sector, as well as $8 million for improving accounting and auditing management. The Swiss State Secretariat's funds will be spent on improving internal financial controls over public revenues management. Advisory services are envisaged to support the transformation of the chamber into an independent higher auditing institution.
Azerbaijan has prepared 28 national commercial standards and 35 financial reporting and auditing standards. Azerbaijan's state sector launched a transition to IFRS Jan. 1, 2008.
The Azerbaijani Auditors Chamber was established in September 1995 and began work actively in April 1996.
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