BAKU, Azerbaijan, Dec.3
By Zeyni Jafarov - Trend:
Azerbaijan every year especially focuses on the application of international standards in the field of accounting, reporting, and audit, in order to expand transparency in the country's economy, Advisor to the Chairman of Azerbaijan’s Chamber of Auditors on scientific and methodological issues Najaf Talibov told Trend.
According to Talibov, despite the measures taken, the underestimation of the importance of accounting and financial reporting by some entrepreneurs, the reluctance of certain officials in the private sector to ensure transparency in the disclosure of financial information creates a problem in the pace of development of the audit service.
"The existing legal framework for accounting, financial reporting and auditing should be improved. To increase the importance of the provided audit services, firstly a growth in the visible and real benefits of the audit must be achieved,” he noted. “An entrepreneur must clearly feel the impact of the auditor's work, which requires unconditional compliance by auditors with the requirements of laws, standards and the availability of recommendations of auditors for their prompt elimination by audited persons.”
Speaking about the chamber’s strategy for the next year, the advisor pointed out that work to create the concept for the audit service’s development in Azerbaijan for 2021-2030 is nearing completion
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.3)
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