BAKU, Azerbaijan, Dec.7
By Fidan Babayeva - Trend:
Azerbaijan will implement measures to increase transparency towards improving the legislative and regulatory framework of the country's audit, which were included to the Action Plan for 2021 by respective decision of the Council of Azerbaijani Chamber of Auditors dated November 26, 2020, Advisor to the Chamber’s Chairman on scientific-methodological issues Najaf Talibov told Trend.
According to Talibov, since 2010, by the council’s decision, the International Auditing Standards adopted by the International Federation of Accountants have been applied in the country.
"These standards, as well as relevant regulations, roadmaps and National Action Plans of Azerbaijan and regulatory documents of the chamber provide for ensuring the reliability and transparency of accounting and financial reporting, which directly affect the availability and increase the transparency of the country's economy," he said.
As the adviser noted, the Concept for the Audit Services’ Development in Azerbaijan for 2021-2030 envision measures to increase transparency in the directions of improving the legislative and regulatory framework for auditing; taking comprehensive measures to build confidence in the audit; increasing and ensuring the continuous functionality of the Unified Electronic Database for Audit, the personal account of auditors and other resources, ensuring the availability and analysis of information, allowing the adoption of measures to organize and regulate the audit, as well as to counter unfair competition in audit; taking measures to build confidence in the audit.
"Also, the concept provides for measures to improve the procedures for auditing publicly significant organizations and auditing on behalf of state bodies; the use of ‘Cloud’ technologies in audit; measures to increase the transparency of activities to work with international professional organizations, of which the chamber is a member, study and application the advanced international and foreign methods to increase the transparency of financial reporting; improve the audit quality control system, taking measures to combat money laundering, corruption, dumping, as well as increasing the responsibility of auditors to comply with legal and regulatory requirements; measures to train and improve the qualifications of auditors and specialists," Talibov noted.
The above measures have been already included in the Action Plan for the next year.
Talibov summed up that in recent years, Azerbaijan has been especially focusing on the application of international standards in the field of accounting, reporting, and audit, in order to expand transparency in the country's economy.
The Chamber of Auditors of Azerbaijan is an independent financial control body. The Chamber of Auditors of Azerbaijan ended 2019 with a profit of 8,000 manat ($4,705). As of January 1, 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.
(1 USD = 1.7 manat on Dec.7)
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