Azerbaijan may increase fines for this action

Work is underway in Azerbaijan to improve legislation on auditing activities.

This was stated by the Chairman of the Chamber of Auditors, Doctor of Economic Sciences, Professor Vahid Novruzov in an interview with Report.

According to him, in accordance with the requirements of the law "On Audit Service," the Chamber carries out state regulation of auditing activities in Azerbaijan, prepares draft regulatory legal acts, and implements measures related to the development of this field.

"At the moment, the Chamber of Accounts is working on a project to amend Article 464 of the Administrative Offenses Code. These changes provide for increased fines for entrepreneurs who evade mandatory audits. Evasion of mandatory audits can lead not only to transparency violations but also to corruption and other risky situations," the chairman noted.

According to him, the Chamber is also working on preparing legislative initiatives concerning the fight against dumping and unfair competition in the audit field, improving the system of issuing licenses and permits, ensuring the accessibility of audit services, and applying international experience.