President Ilham Aliyev addresses participants of international scientific and practical conference on “Development stages of audit: path from compliance to strategic partnership and trust”

BAKU, Azerbaijan, September 16. President of
the Republic of Azerbaijan Ilham Aliyev addressed the participants
of the international scientific and practical conference on
“Development stages of audit: the path from compliance to strategic
partnership and trust.”

The text of the address was published on the official website of
the President of Azerbaijan.

"Dear conference participants,

I cordially greet you in Baku at the international scientific
and practical conference on “Development stages of audit: the path
from compliance to strategic partnership and trust,” dedicated to
the 30th anniversary of the Chamber of Auditors of the Republic of
Azerbaijan.

Within the framework of large-scale reforms implemented toward
the progress of the independent state of Azerbaijan and the
strengthening of its economic power, the formation and development
of a modern audit institution have been of special importance. The
adoption of the Law of the Republic of Azerbaijan “On Audit
Service” was an important manifestation of the high value attached
by National Leader Heydar Aliyev to the principles of democratic
governance and the formation of the institutional foundations of a
market economy, as well as of a visionary and purposeful state
policy aimed at ensuring financial discipline, transparency and
accountability in the country.

The Chamber of Auditors of the Republic of Azerbaijan,
established in accordance with that Law, has undertaken important
and necessary work over the past period to strengthen the
institutional foundations of the independent audit system in the
country, train professional audit personnel, develop an environment
of transparency and accountability, and establish a modern audit
model in line with advanced international practices. Consequently,
the coverage of audit services has expanded significantly, and the
role of the audit institution in ensuring the reliability of
financial statements, increasing transparency, strengthening the
fight against corruption and reducing the shadow economy has grown
further.

The international conference organized to mark the anniversary
of the Chamber of Auditors is particularly important as a platform
for analyzing the development path traversed by the audit
profession in our country over the past thirty years from both
scientific and practical perspectives, improving the legal and
regulatory framework governing audit activities, strengthening the
professional self-governance institution, developing quality
control mechanisms and discussing key issues related to the
application of international audit standards.

Within the framework of the conference, the discussion of new
areas for the development of audit activities in the context of
digital transformation, the integration of big data analytics and
artificial intelligence technologies into the audit process, the
expansion of the role of audit beyond its traditional compliance
function to that of a strategic partner and value-creating
institution, as well as the strengthening of professional ethics
and public trust are of particular significance in meeting modern
requirements.

In an environment in which the global economy is rapidly
digitalizing and technological transformation is gaining momentum,
bringing audit activities to a new qualitative level is one of the
important tasks facing every country. In this regard, consistent
efforts to establish audit activities on digital foundations,
expand the use of artificial intelligence and modern data analytics
tools, increase transparency and efficiency in audit processes, and
develop innovative audit methodologies in line with international
professional standards are particularly important for enhancing the
effectiveness of the Chamber of Auditors. At the same time,
preserving the prestige of the audit profession and public trust in
it, further strengthening the principles of high professionalism
and ethical conduct, as well as developing professional human
resources are among the main priorities ahead.

I am confident that the discussions to be held and the
initiatives to be put forward during the conference will contribute
to the further improvement of audit activity in our country, the
application of digital transformation and artificial intelligence
in auditing, the expansion of international cooperation, and
enhancing the prestige of the audit institution.

On the occasion of this significant anniversary, I once again
congratulate the staff of the Chamber of Auditors and the
conference participants and wish the event every success," the
address notes.