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The IV Eurasian Forum of accountants and auditors on topic of "INTERNAL CONTROL AND RISK MANAGEMENT" was held on September 26-28, 2013

2013-10-01

The IV Eurasian Forum of accountants and auditors on topic of "INTERNAL CONTROL AND RISK MANAGEMENT" was held on September 26-28, 2013

 

The IV Eurasian Forum of accountants and auditors on topic of "INTERNAL CONTROL AND RISK MANAGEMENT" was held on September 26-28, 2013.
 

As a result of the democratic state-building and purposeful socio-economic policy established by the founder of the state independence of the Republic of Azerbaijan and the architect of new Azerbaijan Heydar Aliyev and successfully continued by our honorable President Mr. Ilham Aliyev, Azerbaijan has achieved high economic growth in recent years and has become a worldwide leader in the production of the gross domestic product. State programs developed for the acceleration of the socio-economic development of the regions, poverty reduction, and for other important areas are being implemented successfully. 

The growth of oil and non-oil sector, harmonious development of multilateral economy have been provided in our Republic. Gross domestic product, budgetary and exchange reserves are increasing year by year. Strong class of entrepreneurs and the middle class are emerging. Energy security of Azerbaijan has been ensured.  

Our Republic which has come to the end of the transition period, today is a country which determines the directions of its long-term development strategy. As Azerbaijan is at the forefront due to the economic growth rate , it is known in the world  as a reformer country. In our republic, the development in oil and non-oil sectors, harmonious development of a diversified economy has been provided. Gross domestic product, budget and foreign exchange reserves are increasing year by year. There is a strong business class and the middle class. Energy security of Azerbaijan has been ensured.

Great progress has been achieved in the framework of Regional Development Program. The striking indication of the magnitude of the accomplishments achieved in education, health, culture and social life include hundreds of schools, medical facilities, cultural centers, museums, parks, sports complexes and Olympic centers. Thanks to conducted construction and renovation work our capital is getting a new appearance today, cities and districts are getting more beautiful with every year. Our country's food safety has been provided and with opening new work places poverty level has been reduced for several times.

Azerbaijan has gained all of these numerous achievements living in conditions of the Armenian-Azerbaijani Nagorno-Karabakh conflict. Despite the decisions and resolutions of the international organizations the territorial integrity of our country has not been restored yet. Azerbaijan's demand in the negotiation process is the liberation of Azerbaijan's occupied lands within the framework of  international norms and laws and the restoration of its territorial integrity. This is Azerbaijan's firm and unchanged position. At present, we have no more important task than putting an end to the invasion of the occupied territories of our country.

While the conflict is not resolved the social protection of  internally displaced persons will continue to be provided. There are no tent camps remained in the territory of Azerbaijan today. New settlements were established and houses were built for IDPs and the work done in this direction is being continued.

Today Azerbaijan is a fully independent country in the true sense of the word. The policy implemented in our country always serves the interests of the Azerbaijani people.

In connection with the execution of the duties envisaged by the "National Action Plan on Promotion of Open Government for 2012-2015" and "National Action Plan on Fight against Corruption for 2012-2015"  approved by the Decree of the President of the Republic of Azerbaijan Mr. Ilham Aliyev No. 2421 dated September 5, 2012, financial control arrangement as well as the fight against corruption in our country is carried out more systematic, consistent and efficient at the same time benefiting from international experience and some achievements have been gained in this area as well. Nevertheless, some of the shortcomings towards ensuring rule of law and financial transparency in the economic-financial activity, as well as financial frauds buffeting our economy, irrational costs and law violations creating opportunities for corruption still continue to remain.

The President of the Republic of Azerbaijan Mr. Ilham Aliyev giving special importance to strengthening financial control and its improvement in accordance with international practice as an important factor in accelerating socio-economic development said at the meeting of the Cabinet of Ministers on socio-economic outcomes: "Along with our increasing budget control should also be increased and financial discipline should be strengthened as well."

The Chamber of Auditors of the Republic of Azerbaijan also did not stay aloof from the arrangement of those events and in order to study the international experience organized a number of international conferences, seminars, symposiums and other events during the past years and in addition, the senior officials and members of the Chamber participated in similar events organized in foreign countries.

Taking into account the importance of practical measures' greater integration with the international practice which are successfully carried out  in our country towards increasing transparency in economy for strengthening the outstanding achievements obtained as a result of the socio-economic reforms carried out in Azerbaijan under the leadership of the President of the Republic of Azerbaijan Mr. Ilham Aliyev, IV Eurasian Forum of Accountants and Auditors on topic of  "Internal control and risk management", jointly organized by the Azerbaijan Union of Economists, the Chamber of Auditors of the Republic of Azerbaijan and the Association of Professional Financial Managers and with the participation of the representatives of the reputable institutions of many Europian and Asian countries, was held on September 26-28, 2013 in Baku.

The Chairman of the Committee for Economic Policy of Milli Majlis, an active member of the National Academy of Sciences, the Vice-President of the International Union of Economists, and the Chairman of the Azerbaijan Union of Economists, Academician Ziyad Samadzade who made keynote speech at the opening ceremony of the Forum, first of all greeted the participants of the Forum and expressed his satisfaction for seeing foreign visitors in our native Azerbaijan.

The academician specially emphasized the event to coincide with remarkable days in our country- holding of the presidential election in Azerbaijan. There is no doubt that such prestigious events already becoming a tradition to be held in Azerbaijan plays an important role in socio-economic life of our country and strengthening of statehood on the basis of the strategy set by our government. Independent Azerbaijan now occupies a specific important place among the leading world countries in respect to investment, entrepreneurial activity, the level of consensus in the community and economic development.

Z.Samadzade greeted and congratulated each Forum participant on the occasion of the opening ceremony once again and wished them good luck.

Later the Vice-President of the State Oil Company of the Azerbaijan Republic,   the Chairman of the Advisory Council of the Azerbaijan Association of Professional Financial Managers (APFM), Suleyman Gasimov greeting the guests talked about importance of the event.

S.Gasimov noted the importance of contributions to be made by this prestigious Forum to the international accounting, auditing and internal control system, which was held thanks to the support of significant bodies of our republic, ministries, government and commercial organizations and wished success to the Forum.

Later Nominations established by the Azerbaijan Association of Professional Financial Managers (APFM) for the first time were presented to their winners at the opening ceremony of the Forum.

 

Submitted Nominations:  

"For outstanding contribution to the improvement of the financier profession" 

Ziyad Samadzade – the Chairman of the Committee for Economic Policy of Milli Majlis, an active member of the National Academy of Sciences, the Vice-President of the International Union of Economists, and the Chairman of the Azerbaijan Union of Economists, Academician

Suleyman Gasimov – the Vice-President of SOCAR, the chairman of the Advisory Council of APFM

"The auditor of the year"

Vahid Novruzov – the Chairman of the Chamber of Auditors, a member of the Advisory Council of APFM, Doctor of Economic Sciences, Professor

“The financial manager of the year”

Mahir Məmmədov –“Azarsu” Deputy Chairman of OJSC

Lyubov  Andropova – “AZAL” Vice-President of CJSC

“The  financist of the year”

Maarif Najafov – the Chief of the Department of Economics and Accounting of Azəriqaz Production Association under the SOCAR

Elman Huseynov – the Director of the Training Center of the Ministry of Finance of the Republic of Azerbaijan

Anar Mustafayev – the Chief Accountant of the BTCPA of the Minister of Communications and Information Technologies of the Republic of Azerbaijan

Later the conference was continued with cultural events.

The next day, on September 27, 2013, IV Eurasian Forum of Accountants and Auditors on topic of  "Internal control and risk management" with the participation of the representatives of the reputable institutions of many Europian and Asian countries began its work.

The Chairman of the Committee for Economic Policy of Milli Majlis, an active member of the National Academy of Sciences, the Vice-President of the International Union of Economists, and the Chairman of the Azerbaijan Union of Economists, Academician Ziyad Samadzade opening the Forum with introductory speech first of all greeted the guests and spoke about the importance of the Forum.

The Chairman of the Committee making a speech in the Forum held with the participation of the representatives of the reputable institutions of many Europian and Asian countries spoke about the importance of the event, the development of accounting and auditing systems in our country.

The academician stated that, the goal of the Forum is to hold discussions on the role of the internal control in increasing transparency and risk management, analyze the existing problems, clarify the directions of the activity of the appropriate institutional mechanisms, and put forward concrete practical suggestions towards improving the implementation mechanisms of the laws relating to internal control.

Z.Samadzade making a report on topic of " Protection risks in the economic sphere and prospects for transparency (historical past, in the context of contemporary realities)" emphasized that Azerbaijan Republic which is leaving behind its 22nd year of independence, has made ​​tremendous progress in a short period of time and has become a country with a strong economy ensuring its economic security. The successful implementation of Azerbaijan Model of Development provided the formation of a new economic system in the country based on the free market relations and completion of the transition period in economy, created strong grounds for more prosperous life. The main objective of the new stage of the development of Azerbaijan is to provide the  sustainability of the dynamic socio-economic development of the country in the long run achieving  the improvement of the competitiveness of the national economy and effective integration into the world economic system.

Later the Chief Executive Officer of the European Federation of Accountants and Auditors (EFAA) Federico Diomeda made a report on the topic of "overview on internal control systems of SME ". The CEO widely talking about  internal control, the implementation of internal control procedures and accountability and risk management in this area brougnht his report to the attention of the participants. F.Diomeda noting that the Forum's work created a wide range of opportunities for the organization of effective control system of international cooperation in auditing also emphasized that the event was of great importance from this point of view.

Later the chairman of the State Social Protection Fund (SSPF) Salim Muslumov making a report on the topic of " In Insurance Pension System internal audit as an important means of management of reforms" stated that, the internal audit being different than other control methods as a part of the management control has coverage within the system and the ability to assess the available resources.

This serves also operates as a key element of the internal control system on a regular basis. In terms of adopting the management decisions in the course of the reforms carried out in the insurance and pension system and its to turn into a management means towards reaching the goals set forth the role of internal audit should be evaluated particularly. It is clearly observed in reform experience of insurance-pension system in Azerbaijan. Investigation of  implementation status of the functional tasks of local authorities implemented  by the internal audit service in stock system, thematic studies in different directions, as well as measures of social research have put out a generalized result as follows: Though the regulation of activity in administrative order and the solution of problems in carrying out functional duties are always in the spotlight, this does not eliminate shortcomings once and for all. For this reason, besides administrative measures, SSPF aims radical change of operating methods through reforms which have existed for many years, and contribute to subjective factors.

Later the Chief Executive at Institute of Certified Financial Managers Garry Carter first of all highly appreciated the Forum to be held in Azerbaijan and at the same time he expressed special pleasure to be back in the land of fire. In his report G.Carter touching the importance of international co-operation between the various audit bodies, pointed out high-level events as the held Forum to contribute to finding solutions of the many problems in auditing.

Later the head of the Preventive Measures and Investigation Department of the Anti-Corruption Department under the Prosecutor-General of the Republic of Azerbaijan, Vugar Aliyev welcomed the guests and wished success to the Forum.V. Aliyev making report on the topic of "The significance of the prosecutor impact measure acts in the fight against corruption" emphasized that the multidisciplinary reform course founded by national leader Heydar Aliyev and continuously carried out today, created a basis for dynamic development in the country's economy over the last decade and caused progress in the life of every citizen.

The progressive changes happening in the socio-political and socio-economic life of the country besides revealing itself more clearly from year to year also develop progressively. As a result of the purposeful policy carried out in our country all the mechanisms necessary for a comprehensive fight against corruption  have been established. Since its inception within a short period of time the commission has made ​​significant progress in fields as formulation of public policy in the fight against corruption, coordinating the activities of state agencies and other organizations in this field, the analysis of status and efficiency of the fight against corruption, carrying out the monitoring of the implementation of state programs on the fight against corruption, collecting and analysing information on corruption-related offenses, and so on.

Later the Chairman of the Chamber of Auditors, Doctor of Economic Sciences, Professor Vahid Novruzov first of all welcomed the guests on behalf of the organizers of IV Eurasian Forum of Accountants and Auditors and expressed his gratitude to the participants and external partners according to their participation in the Forum accepting the invitation.  

The Chairman of the Chamber making a broad report "On development conception of audit in Azerbaijan" stated that, the law "On Internal Audit" was adopted and the department of the International Institute of Internal Auditors was created at the initiative of our honorable President Mr. Ilham Aliyev for the first time in the CIS in Azerbaijan.

V.Novruzov in his report noted that, in the process of economic reforms implemented in the country great importance is attached to the improvement of financial control and adjustment of the control mechanisms to the market economy features and creation of independent audit have been one of the issues always kept in focus in state-building policy. Thanks to the attention and care of the state audit in Azerbaijan has entered a new stage of development and its role and importance in increasing the transparency and in the fight against corruption in our country have been highly appreciated. The improvement of independent audit in terms of contemporary requirements as well as the development of the types of auditing service related to the future activities of economic entities provide an important basis for the reduction and management of risks in the economic and financial sphere and for increasing the level of efficiency of the internal control system.

The professor stated that the work on the Audit Development Conception Project worked out by the working group consisting of the officers and members of the Chamber of Auditors and with the support of the Azerbaijan Union of Economists has been completed. He also talked about the identification of the existing problems in auditing within the legislative framework with due consideration of the reliable and guaranteed legal and methodological grounds of the conception, the adaptation of audit to the demands of the modern era through re-examination of its duties, the improvement of the legal and regulatory base of the auditing service, and especially, about analyzing the reasons for the evasion from the mandatory audit thus drawing the attention of the Forum participants and kindling their interest.

The Vice-President of the State Oil Company of the Azerbaijan Republic who made a speech on "Risk management and internal control" greeted the head of the Advisory Council of the Azerbaijan Association of Professional Financial Managers (APFM), Suleyman Gasimov and the guests, and thereafter highly appreciating the holding of such prestigious Forums in Baku expressed his satisfaction.

S.Gasimov talking widely about the opportunities related to the risk management created by the internal control system (ICS), increasing the efficiency of business processes, improvement of management level, prevention of errors and increasing the level of resistance of the company as a whole gave broad information to the Forum participants.

Later the Deputy Chairman of "AZARSU" OJSC Mahir Mammadov making a speech on "Internal control and risk management" especially noted the importance of the recognition of the financial statements by audit firms, as well as, the function of internal control in risk management, for the establishment of the organizational structure base.

The head of the Certification Center for International Programs of Association of Professional Financial Managers (APFM), Rashad Asgarov making the next report on "The role of professional organizations in provision of high quality in "Internal control and risk management" informed the Forum participants talking about the importance of the professional bodies and foreign organizations with international experience in this field and about  their contributions to this field.

During the next sessions the following participants also made reports: The head of the Consulting Services of the Branch of Ernst & Young Holdings (CIS) B.V. company in the Republic of Azerbaijan, Farhad Guliyev - "Internal Control System is the Foundation of Corporate Governance", the President of the Chamber of Financial Auditors of Romania Horia Neamtu - "Independence and Objectivity in Internal Control Evaluation", the General Director of the Central Bank of the Republic of Azerbaijan, Rashad Orujov - "Internal Control, Risk Management and Internal Audit", the president of the Russian Collegium of Auditors (RCA), Alexander Ruf - "The Development of Internal Control in the Russian Federation", the president of the Warsaw branch of the Polish National Chamber of Auditors (KIBR), Stanislav Leszek - "Internal Control and Internal Audit", the President of the Chamber of Auditors of St. Petersburg Alexander Kuznetsov - "The Prospects of Development of the Auditing Profession in Modern Stage", the President of the National Institute of Professional Accountants, Financial Managers and Economist of Samara region (NIPA), Dmitri Yakovenko - "The Reimbursement of Financial Control and State (Municipal) Orders and Budget Problems Related to its Application-Oriented Formation", the Deputy Chairman of the Azerbaijan Union of Economists Elshad Samadzade - "Internal Control as an efficiency factor",the Managing Director at MED CPA (CPA and the Independent Audit Company), Hasan Ozgur Demirdoven - "The Role of Internal Audit and Internal Control at Organizations", ICFM Kazakhstan, the General Director of  "ICFM-Astana", the Director of the Astana Branch Office of "Baker Tilly Eltal Kazakhstan" Saule Makhmutova - "The Experience of Kazakhstan Companies in the Application of Internal Control". Extensive discussions were held on the reports.

The Chairman of the Chamber of Auditors, Doctor of Economic Sciences, Professor Vahid Novruzov making the last speech and emphasizing the importance of the Forum once more and expressed his deep gratitude to all the guests who accepting the invitation made speeches and took part in the event.

On September 28, 2013, the Forum participants made excursion to Shamakha Astrophysical Observatory named after Nasiraddin Tusi operating under the auspices of the Academy of Sciences inShamakha district. The Forum participants who were welcomed by the scientific worker of the observatory were first given information about the observatory. Foreign visitors who were informed about the activities of the observatory, also observed celestial bodies.

The course of events have been widely covered in the media. The results will be widely discussed by the Organizing Committee of the Forum, an action plan will be approved and the implementation of the action plan will be carried out in connection with the work.

We believe that the holding of such events organized by international and local partners will be useful in further expansion of relations and in solving the problems during our professional activities. 

 

 
 
 
 
 
 
 
 

 









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