Home Page
THE CHAMBER OF AUDITORS
About us
History

Our history

   According to the Law of the Azerbaijan Republic No. 882 "On Audit Services” dated on September 16, 1994 signed by the national leader Heydar Aliyev Chamber of Auditors of Azerbaijan Republic was established to organize state regulation of the audit service in the country; to prepare a system of measures, normative acts aimed at the development and improvement of audit service being in this sphere and the Azerbaijan Republic; to defend the interests of government, economic entities and auditors (audit organizations); to control  over compliance with requirements arising from this law, other legislation and normative-legal acts by the auditors (auditor organizations) in its activity.

Chamber of Auditors of Azerbaijan Republic is an independent financial control body.
 

The main priciple of Chamber of Auditors is to organize  the work of the audit service and to implement measures according to the existing legislation for its development and improvement of the performance regardless of the form of ownership in order to provide accurate and correct financial and accounting records in all economic entities.
 

    
      Chamber of Auditors performs the following functions:

  • Organizes and manages the work of audit service in the Republic of Azerbaijan;

  • Provides the license to independent auditors and auditor organizations in the territory of the Republic of Azerbaijan, controls their works and compliance with the Law of the Republic of Azerbaijan “On Audit Services" of the charter of the auditor organizations. 

  • Registers the independent auditors and audit organizations;

  • Develops and approves the rules of the conducting of examinations for the allocation of licenses giving the right to be engaged in audit services;

  • Determines the examination fee, prepares and approves the composition and regulation of examination commission for the allocation of licenses giving the right to be engaged in audit services;  

  • Prepares and approves different report forms;

  • Gives advices to independent auditors and auditor organizations related to the generalization of the audit practice and the issues of the application of the existing legislative acts, prepares proposals for the development and improvement of the audit services and control their implementation;

  • Prepares instructions, recommendations and methodical instructions on conducting audit;

  • Compiles normative documents on the forms and methods of provision of audit services, prepares appropriate recommendations on the basis of the study of national and international experience;

  • Provides review of the claims of customers against the independent auditors and audit organizations in connection with the failure to perform their professional functions in the required level in accordance with the legislative acts of the republic;  

  • Carries out appropriate actions for the protection of rights and legal interests of independent auditors and audit organizations;

  • Monitors and controls financial and economic activity of independent auditor, audit organization, independent external auditor and branch or representative of the external audit organization to the compliance with the Law of the Republic of Azerbaijan on “Audit Services”;Carries out the revised audit;

  • Provides audit opinions to the accuracy of assessment of properties of economic subjects in connection with privatization of state enterprises or other purposes;

  • Carries out the functions of the monitoring body against the legalization of criminally obtained funds or other property and the financing of terrorism in respect to the persons providing audit services within its competence in cases specified by legislation.

HISTORY OF THE CHAMBER OF AUDITORS OF AZERBAIJAN REPUBLIC

 

September 16, 1994 — The law of Republic of Azerbaijan was adopted “On Auditor Services” signed by nationwide leader Heydar Aliyev.

September 19, 1995 — Regulations about the Chamber of Auditors was approved by the decision of Milli Majlis of Azerbaijan Republic.

April 5, 1996 — Chamber of Auditors of Azerbaijan Republic started its operations.

June 24, 1997 – Started the implementation of the project carried out within the TACIS program of European Union “Strengthening the capacity of audit conducting of the Chamber of Auditors of Azerbaijan Republic and preparing specialists on bankruptcy and insolvency” and in 1999 successfully completed.

1999 - Concept of the reform of the audit system has been worked out in Azerbaijan Republic by the Chamber of Auditors of the Republic of Azerbaijan.

June 26, 1999 – According to the Chamber of Auditors, “Audit-Azerbaijan” section of International Internal Institute of Auditors (IIA) in Azerbaijan has been established for the first time within the CIS.

July 5, 2000 – The first issue of the journal “Economics and Auditing” established by the Chamber of Auditors of the Republic of Azerbaijan was published and the presentation of the journal has been in Milli Majlis of the Republic of Azerbaijan.

March 7, 2001 – First educational supplies book has been published prepared for higher schools by the collective of authors of The Chamber of Auditors of Azerbaijan Republic.

May 5, 2003 – The Chamber of Auditors of Azerbaijan Republic has been accepted as a full member to European Federation of Accountants and Auditors (EFAA).

November 14, 2003 - The Chamber of Auditors of Azerbaijan Republic has been accepted as an associate member to International Federation of Accountants (IFAC).

September 14, 2004 – The President of Azerbaijan Republic Mr. Ilham Aliyev has sent a congratulatory letter to the participants of international scientific-practical conference on the theme of “Development problems of Auditing in transition economy countries” conducted by The Chamber of Auditors on the occasion of the 10th anniversary of the adoption of the Law of the Republic of Azerbaijan “On Audit Services”.

April 4, 2006 – A congratulatory letter has been sent by the President of Azerbaijan Republic Mr. Ilham Aliyev to the staff and members of the Chamber of Auditors on the occasion of the 10th anniversary of the establishment of Chamber of Auditors of the Republic of Azerbaijan.

April 5, 2006 - The anniversary event was held dedicated to 10-year anniversary of the establishment of The Camber of Auditors of the Republic of Azerbaijan.

April, 2007 – The Camber of Auditors of the Republic of Azerbaijan has been accepted as a member to Eurasian Council of Certified Accountants and Auditors (ECCAA).

May 22, 2007 - Law of the Republic of Azerbaijan “On Compulsory Insurance of Auditors Civil Liability” was adopted prepared on the basis of suggestions of the Camber of Auditors of Azerbaijan Republic.

May 22, 2007 - Law of the Republic of Azerbaijan “On Internal auditing” was adopted prepared on the basis of suggestions of the Camber of Auditors of Azerbaijan Republic.

October 3, 2008 – 100th anniversary number of the scientific-practical journal “Economy and Auditing” established by The Chambers of Auditors of the Republic of Azerbaijan has been published.

November 13, 2008 - The Chambers of Auditors of the Republic of Azerbaijan has been accepted as a full member to the International Federation of Accountants in the annual meeting of the Council of International Federation of Accountants (IFAC) held in Rome, Italy.

January 01, 2010 – The application of International Standards on Auditing (ISA) in the territory of the Republic of Azerbaijan has been started.

September 15, 2011 – The President of the Republic of Azerbaijan Mr. Ilham Aliyev issued a decree about granting the employee and members of the Chamber of Auditors of the Republic of Azerbaijan with “Taraqqi” (Progress) medal.

September 16, 2011 - Application to the President of the Republic of Azerbaijan Mr. Ilham Aliyev has been accepted on behalf of the participants of 3rd  Eurasian Forum of Accountants and Auditors on theme of “The problems of implementation of auditing standards and international financial reporting in increasing transparency”.

September 16, 2011 - The anniversary event dedicated to 15th anniversary of the establishment of the Chambers of Auditors of the Republic of Azerbaijan was held.