Law "On Audit Service" will change in Azerbaijan

Baku. 27 February. REPORT.AZ/ At present, 65 legal entities and 36 individuals provide audit services in Azerbaijan. 

Report informs, Chairman of the Chamber of Auditors Vahid Novruzov said.

According to him, 14 of auditing companies founded in recent months and received licenses (special permits) from the Chamber: "The number of auditing firms growing in Azerbaijan, while independent auditors reduce. It is natural. Because companies that want to find foreign partners are trying to get auditor's report from legal entities".

V. Novruzov noted that amendments to the law "On Audit Service" planned in Azerbaijan: "Joint works together with the Ministry of Economy are underway in this regard, the draft law is being prepared. Now anyone can open auditing company. However, in the world practice the audit firm should have at least 2 auditors. It is necessary for mutual and Internal control and audit legislation should be adjusted to it. As in the past, company had to have at least 3 auditors, and then we liberalized requirements, but now there is a need to tighten the requirements again."