Single register of economic entities for auditors created
Starting this year, applying for a license to audit activities will be possible in electronic form.
As the head of the management for training and international relations of the Chamber of Auditors of Azerbaijan Sabuhi Gulmammadov told Turan, the new approach will save time and increase the professional certification of return potential auditors. In addition, reports of existing auditors will also be made in electronic form.
The Chamber this year also intends to familiarize members with the new manual inspections of audit firms and independent auditors. The basis of the innovations will be incorporated modern risk assessment, based on international standards.
"This will create a single registry and information on economic entities subject to statutory audit," added Gulmammadov. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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