Azerbaijan's Chamber of Auditors expanding apply of international standards
Date
4/23/2022 3:14:09 PM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, April 23. Chamber of Auditors
of Azerbaijan Republic has adopted set of measures to improve the
quality of audit, Chairman of Chamber of Auditors Vahid Novruzov
told Trend .
According to him, international auditing standards have been
applied in Azerbaijan since 2010.
'Currently, work is underway to translate and develop the
application of international requirements in the sphere of auditing
within the framework of a number of standards introduced in
Azerbaijan in 2021, including the International Standards on
Auditing 540 (ISA 540) ' Auditing Accounting Estimates and Related
Disclosures' and the International Standard on Auditing 250 (ISA
250) 'Laws and regulations in an audit of financial statements,'
Novruzov said.
Work is scheduled to be completed in 2022, he noted.
Introduction of ISA standards allowed the Chamber of Auditors to
become part of International Federation of Accountants (IFAC),
Novruzov added.
Membership in this federation obliges the Azerbaijan's Chamber
of Auditors to apply international standards in auditing, external
and internal audit quality control, also apply International Code
of Ethics for Professional Accountants, he also said.
'We periodically take appropriate measures to fulfill these
requirements,' Novruzov emphasized.
He also noted that previously report on implementation of
international professional requirements had to be submitted to the
federation annually.
'However, the high rating received by Chamber of Auditors in
2021 exempted us from submitting this report until 2024 years,'
Novruzov added.
Tags:
- Accounting Chamber of Azerbaijan
- Azerbaijan
- Azerbaijani Chamber of Auditors
- standards
- law on auditing
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