Azerbaijan eyes to speed up audit digitalization in 2021 (INTERVIEW)

BAKU, Azerbaijan, April 21

By Fidan Babayeva – Trend:

The Azerbaijani Chamber of Auditors plans to focus on the development of its activities, given the factors associated with the widespread use of digital technologies until late 2021, the Chamber’s Chairman, Vahid Novruzov, said in his interview with Trend.

According to Novruzov, the chamber is expected to fulfill its obligations this year in accordance with the ‘Regulations on Azerbaijani Chamber of Auditors’.

“By the decision of the Chamber’s Council, dated November 26, 2020, the Action Plan for 2021 included measures to increase transparency in the field of improving the legislative and regulatory framework for auditing in Azerbaijan,” he noted.

According to the chairman, the plan also envisages the adoption of comprehensive measures to strengthen confidence in the audit, ensure the continuous functionality of the Unified Electronic Database for Audit, the ‘personal cabinet’ of auditors, and other resources that ensure the availability and analysis of information and allow to take measures to organize and regulate the audit, as well as fight unfair competition in this area.

“In recent years, Azerbaijan has paid special attention to the application of international standards in the field of accounting, reporting, and auditing to increase transparency in the economy. The Chamber of Auditors annually takes the necessary measures in this regard,” Novruzov further said.

He also noted that the Azerbaijani Chamber of Auditors has 100 percent fulfilled the thematic plan for 2020.

“In 2020, the Chamber of Auditors implemented comprehensive measures to regulate and organize audit, apply international standards in this area, ensure transparency and comply with ethical norms,” stated the chairman. “As a result of the decisions taken, measures were taken to control quality, campaign and promote audit, in particular, proposals were developed on the improvement of legislation, methodological materials have been created, advanced training courses, seminars, and webinars have been organized.”

Besides, according to him, last year the work of the chamber’s website has been improved, a system of ‘personal cabinets’ has been created, and HR issues have been resolved, and 22 licenses for audit activities to local specialized organizations were issued by the Chamber of Auditors.

Some local structures operating in this area have been included in the network of international audit organizations or are members of a professional association, added Novruzov.

The Azerbaijani Chamber of Auditors is an independent financial control body.

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