The Chamber of Auditors of Azerbaijan (CAA) plans to present a revised version of the draft law "On Auditing" in March. According to the report of CAA, presentation of the consolidated draft law and discussions on it are scheduled for March, which is included in the work plan for this year.
As previously reported, CAA when preparing the bill analyze tdhe legislation in the field of auditing in more than 20 countries. In addition, in the preparation of the document they took into consideration the suggestions and recommendations of the World Bank.
Innovations in the law "On Auditing" also suggest the presence of a list of entities that should carry out an annual statutory audit, requirements for audit companies, organization of exams for the work as an independent auditor, the procedure for issuing licenses for audit activities and other. questions.
Audit activity in Azerbaijan is currently governed by the law "On Auditing Service" adopted in 1994. --17D-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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