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Azerbaijan to promote audit activity

Azerbaijan to promote audit activity

16 September 2011 09:37 (UTC +04:00)

Chairman of the Chamber of Auditors Vahid Novruzov told APA-Economics that in February, 2011, the mandatory audit was applied in the country as amended by the Code of Administrative Violations, penalties are provided for persons who evade statutory audit: â€œThis gives us hope that the level of deviation from statutory audits will decreaseâ€.

According to the words of Novruzov an increase in number of persons wishing to engage in audit activity has already been observed: â€œThe number of persons applying for a license has grownâ€.

Novruzov added that now work was underway to implement the President’s instructions on the matter: â€œI think the number of audit firms will grow in line with the level of the passage of mandatory auditâ€.

Note that, currently about 250 auditors and 50 audit firms operate in Azerbaijan.

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