BAKU, Azerbaijan, Nov. 11
By Zeyni Jafarov - Trend:
The provision of audit services in Azerbaijan has achieved great development level in a short time, Azerbaijani audit company ABAK-Az Crowe Ltd told Trend.
According to the company, the growth rates in this direction are the improvement of the professionalism and qualifications of auditors, as well as the study and application of the experience of other countries. Measures taken by the AzerbaijaniAudit Chamber also play an important role.
“However, despite significant progress in the audit services market, there is a number of shortcomings, such as low-quality audits and artificial understatement of contract prices,” the company noted. “To eliminate the existing problems, special attention should be paid to the regulation of the audit service and the improvement of audit quality control.”
The company also said that in order to solve the existing problems, in 2021 citizens will be presented with several updated projects in the field of audit, accounting and management as one of the measures to improve the audit market.
“This is a new system of accounting and management support MIDS 1.0 and preparation of financial statements in accordance with the international financial reporting system (IFRS) and ensuring its compliance with the help of the 1C program,” pointed out the company. “In the direction of management - the development of a package of documents reflecting the company's management policy, because in the modern management mechanism, 100–150 internal rules must be adopted.”
“ABAK-Az Crowe Ltd has been a member of the Audit Chamber since 2003, and all these years we have been providing quality audit services to construction companies, manufacturing, service and trading companies, insurance companies, financial institutions, state legal entities and companies operating in the telecommunications sector in Azerbaijan," the company summed up.
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