BAKU, Azerbaijan, Aug. 4
By Fidan Babayeva – Trend:
Azerbaijan’s Chamber of Auditors plans to design a concept for the development of the audit service in Azerbaijan for 2021-2030, Chairman of the Chamber of Auditors Vahid Novruzov told Trend.
“The Chamber of Auditors will prepare and present draft amendments to the tax and civil codes and other legislative acts of Azerbaijan in 2020,” noted Novruzov.
According to the work plan of the Chamber of Auditors for 2020 on the organization and a state regulation of the audit service in the country, it is planned to carry out a number of important activities, some of which were completed in the first half of this year, Novruzov said.
“Thus, in accordance with the section ‘On the preparation of draft regulations on the relevant audit legislation’ of the work plan of the Chamber of Auditors, it is planned to implement the following work this year: preparation of instructions, recommendations, development of methodological guidelines and comments on audit activities; provision of practical assistance to newly created audit organizations and independent auditors, definition and classification of unaudited subjects of statutory audit during 2019; implementation of measures provided for in the concept in the main areas of development of innovative audit; application of measures to reduce the shadow economy provided for in the roadmap; development of the code of professional conduct for auditors; development of rules for the independence of auditors and audit organizations; translation and revision of amendments to the latest version of international standards on auditing, as well as provision of its latest version to audit organizations and independent auditors,” said the chairman.
Novruzov added that the implementation of a number of important activities in the field of quality control, ethics and transparency, personnel training, international relations, publications, conferences and seminars, information support and internal regulation are important in relation to the 25th anniversary of the establishment of the Chamber of Auditors.
Azerbaijan’s Chamber of Auditors is an independent financial control body. It ended 2019 with a profit of 8,000 manat ($4,705). As of January 1 of this year, its assets amounted to 474,000 manat ($278,823), which is 9.7 percent more than a year earlier.
(1 USD = 1.7 manat on August 4)
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