The next webinar on "COVID-19 crisis: financial statements and audit results" was held on May 8, 2020 in the Chamber of Auditors of the Republic of Azerbaijan
The situation with the spread of COVID-19 has not gone unnoticed for the audit profession - independent audit which is one of the main guarantors of transparency of financial statements and which is indispensable in transparency in the economy, implementing the recommendations and instructions of the President of the Republic of Azerbaijan Mr. Ilham Aliyev in the fight against the shadow economy, efficient use of economic resources, ensuring economic security. In the current situation, the Chamber of Auditors is taking comprehensive measures to support auditors in the proper performance of their duties and responsibilities. Thus, the challenges of the new era require the application of advanced and innovative methods in our work, the use of new procedures, compliance of audits with the requirements of International Auditing Standards, Code of Professional Ethics and other legal documents, and most importantly, improving the quality of audit services and professional image.
In order to support the work carried out under the leadership of President Ilham Aliyev to implement the economic policy which successfully implemented in our country and to see soon positive results in the near future and to ensure the effectiveness of this support, the Chamber of Auditors carefully studies the experience of international auditing and accounting institutions, as well as relevant foreign regulators. At the same time, research is being conducted in the field of application of local measures, taking into account the characteristics of the national economy.
In order to implement effective measures in this direction athe remote webinar on the topic "COVID-19 crisis: financial statements and audit results " was held by the Chamber of Auditors on May 8, 2020 for audit organizations and independent auditors.
The current situation in the field of audit, preparation of financial statements, international practices in organizing and conducting audits, risk management in enterprises, as well as the recommendations for the audit, taking into account the experience of Russia, Kazakhstan and Turkey were discussed at the webinar.
In his opening remarks at the webinar, the advisor of the chairman of the Chamber, greeted everyone and gave detailed information about the work done by the Chamber of Auditors so far in the field of auditing in the fight against the pandemic during the coronavirus. During the webinar, F.Garayev reported on the impact of Coronavirus (Covid-19) on financial statements and audit results, enterprise risk assessment and recommended to the auditors to pay special attention to the requirements of ISA 315 "Identifying Assessing the Risks of Material Misstatment through Understanding the Entity and Its Enviroment", ISA 500 “Audit Evidence”, ISA 505 “External Confirmations”, ISA 540 “Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures”, ISA 550 “Related Parties”, ISA 570 “Probability of continuity of activity of the enterprise”, ISA 700 “Forming an opinion and Reporting on Financial Statement”, ISA 701 “Communicating Key Audit Matters in the Independent Auditor`s Report”, ISA 705 “Different Opinions in the Independent Auditor`s Report”, ISA 706 “Emphasis of Matter Pharagraphs and other Matter Pharagraphs in the Independent Auditor`s Report”, ISA 720 “The Auditor`s Responsibilities Relating to Other Information” on Auditing during the audit during the pandemic.
Then Najaf Talibov, Chairman of the Committee on Methodological Support of Science and Auditing, Director of TNM Audit LLC spoke about the impact of the pandemic on the audit, the impact on the activities of economic entities that are the clients of the audit and the impact on the activities of auditors, taking into account international experience in the context of the pandemic. During the webinar, which took place in a business environment, professional discussions were held on the current situation on the topic, the challenges ahead and their solutions.
During the webinar, it was decided that the Chamber would take into account the proposals and recommendations of audit organizations and independent auditors who are members of the Chamber of Auditors and take urgent measures to improve the existing methodological framework for auditing, taking into account the requirements of the pandemic.
Working Staff of the Chamber of Auditors of the Republic of Azerbaijan