All Major Businesses Have to Go through Mandatory Audit

All entrepreneurs (legal entities), which are subject to VAT shall become subject to statutory audit.

According to the Chief of Staff of the Chamber of Auditors of Azerbaijan Gasham Bayramov, Azerbaijan legislation must pass an annual statutory audit of about 45,000 businesses. In fact, is audited 10% of that due to the absence of a mechanism of punishment and weak administrative measures against defaulters.

An estimated chamber, the use of administrative measures will in the next 2-3 years to ensure the passage of the statutory audit of the major companies and the VAT payers (about 17,000 or 18,000 businesses).

Under the legislation, the annual statutory audit in Azerbaijan have held joint stock companies, banks and insurance companies, branches and representative offices of foreign companies, enterprises with limited liability, management and organization, joint ventures and municipalities. - 17D-