Azerbaijan aims to switch to cloud-based accounting

By Trend

The Institute of Chartered Accountants of India (ICAI) and the Azerbaijan Chamber of Auditors will move from traditional accounting to cloud-based, Trend reports citing the Indian media.

This issue is reflected in the project of the memorandum of understanding between the ICAI and the Chamber of Auditors of Azerbaijan.

The parties look to conduct research on the application of new innovative methods of audit and accounting, including the use of blockchain technologies and smart contract systems.

The sides also have plans to jointly fight corruption and money laundering.

The signing of the memorandum of understanding will also help enhance cooperation between India and Azerbaijan and will provide the export of ICAI services to Azerbaijan.

The Indian side is interested in studying the Azerbaijani experience in accounting.

Moreover, the Institute of Chartered Public Accountants of India has offices in 69 cities in 45 countries.