Vahid Novruzov: Number of audited companies last year up by 10-15% in Azerbaijan

Baku. 27 February. REPORT.AZ/ Economic entities in Azerbaijan show more and more interest in audit services. Report informs, Chairman of the Chamber of Auditors Vahid Novruzov said.

According to him, about 3,000 legal entities in the country passed audit in 2016, which is 10-15% more than in 2015.

“In general, local companies try to work transparently and earn public trust. Raising transparency and improving accountability is one of priorities of Strategic Road Map of Azerbaijan adopted a short before. It is impossible to talk about sustainable economic development, protection of interests of entrepreneurs, stakeholders, ordinary citizens without achieving this. Opaque system leads to negative outcomes. A special importance has been attached to publication of companies’ reports, independent auditor reviews in recently adopted regulations and action programs”, V.Novruzov noted.

Along with this, according to him, the agency headed by him conducts joint work with tax ministry to push legal entities to obtain auditor review: “We get from member audit companies list of audited agencies, enterprises and organizations. Then we obtain list of entities to be audited from tax ministry. In this way we determine entities avoiding audit. First we send them warning and reminding SMS to pass audit. Then we draw up a report and apply to the court. Court fines those entities based on Code of Administrative Offences”.