The Chamber of auditors of the Republic of Azerbaijan held a webinar on the topic “Solving the problems and challenges facing the audit service in a pandemic”

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. This is also due to the difficult situation faced by businesses that are customers of our service. 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. For this purpose, the Order of the Chairman of the Chamber of Auditors of the Republic of Azerbaijan dated April 8, 2020 "On the solution of the tasks facing the audit service in a pandemic" was signed. The purpose of the Order is to identify the problems facing independent audit in the country in modern conditions, to develop recommendations in accordance with the challenges of the new era for the prompt and effective solution of these problems, to provide practical assistance to members of the Chamber of Auditors, to study and resolve proposals and recommendations received from members of the Chamber, if necessary, to raise cases before the relevant central executive authorities, to ensure the application of advanced foreign experience in the audit of Azerbaijan during the pandemic. In accordance with the order, a Working Staff was established in the Chamber of Auditors. This Working Group studies the issues considered important for the audit profession by establishing distance communication with the members of the Chamber of Auditors and carries out relevant work for making operative decisions. 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. The suggestions and recommendations of the national audit staff - employees of audit organizations and independent auditors are of great importance for us in the implementation of effective measures in this direction. For this purpose, on April 14, 2020, the Chamber of Auditors held a remote webinar for audit organizations and independent auditors on "Solving the problems and challenges facing the audit service in a pandemic." The webinar, which was held in a business environment, provided professional discussions on the current situation in the field of audit, the challenges ahead and the solution of tasks.

During the webinar, it was decided that the proposals and recommendations submitted by audit organizations and independent auditors who are members of the Chamber of Auditors should be reflected in the "Action Plan to combat the pandemic and eliminate its consequences" to be prepared by the Chamber and take urgent measures to their solution.

Chamber of Auditors of the Republic of Azerbaijan