Azerbaijan develops mechanism to identify businesses escaping audit

Head of the Azerbaijani Chamber of Auditors Vahid Novruzov said Azerbaijan carries out on average 3,000 audits a year based on businesses’ appeals.

"These are low rates that do not meet legal requirements," he said at a press conference on Friday.

He added that 10 percent of businesses follow auditing legislation.

The country made additions and amendments to the Law on Audit Services and the Administrative Violations Code in April to improve this indicator.

The Azerbaijani president recently signed a relevant order tasking the Cabinet of Ministers with developing a mechanism for identifying businesses that have not passed audits within two months.

"We have established a working group that will develop proposals on the establishment of a working mechanism within 10-14 days," Novruzov said.


/Trend/