Vahid Novruzov: “Works in direction of development of voluntary audit sphere must be continued in Azerbaijan”

Vahid Novruzov: “Works in direction of development of voluntary audit sphere must be continued in Azerbaijan”
# 22 April 2011 10:00 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Lack of interest of right audit and independent economic entities in Azerbaijan impedes the development of audit market, Chairman of the Azerbaijan Auditors` Chamber Vahid Novruzov said at today’s press conference, APA reports.

Saying that, recently, conduction of measures in strengthening sphere of quality control of auditors and application of important penalties against the agriculture subjects not passing through compulsory in the legislation audit have been reflected in compulsory audit sphere, Novruzov at the same time noted that the works in the direction of development of voluntary audit sphere had to be continued in the country: “For comparison I can say that in Germany, voluntary audit forms 70-80% of local audit market”. To him, responsibility of auditors are increased in Azerbaijan and struggle is conducted against the giving of dealing opinions in audit sphere, and it serves increase of interest for achievement of audit opinions reflecting the reality.

Novruzov said that only 9-105 of organizations should be pass though compulsory audit in the legislation meets this demands and amendments to be made in law on audit service and Administrative Penal Code would serve the strengthening of control in this sphere. At the same time, serious measures in the sphere of auditors’ responsibility and quality control are being taken directly by the Auditors’ Chamber.

To him, at present, 300 individuals and 100 legal entities in Azerbaijan have a license for providence of audit service.


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