President Ilham Aliyev has addressed the participants of the international scientific-practical conference on the topic “Stages of audit development: the path from compliance to strategic partnership and trust”.
“Elchi” reports that the address states:
“Dear conference participants!
I sincerely greet you at the international scientific-practical conference in Baku dedicated to the 30th anniversary of the Chamber of Auditors of the Republic of Azerbaijan on the topic “Stages of audit development: the path from compliance to strategic partnership and trust”.
Within the framework of large-scale reforms implemented towards the progress of the independent Azerbaijani state and the strengthening of its economic power, the formation and development of a modern audit institution have been of particular importance. The adoption of the Law of the Republic of Azerbaijan “On Audit Service” was a significant manifestation of the high importance that National Leader Heydar Aliyev attached to the principles of democratic governance and the formation of the institutional foundations of a market economy, as well as his far-sighted and purposeful state policy serving to ensure financial discipline, transparency, and accountability in the country. The Chamber of Auditors of the Republic of Azerbaijan, established in accordance with that Law, has carried out very significant and necessary work over the past period towards strengthening the institutional foundations of the independent audit system in the country, training professional audit personnel, developing an environment of transparency and accountability, and forming a modern audit model in line with advanced international practice. As a result, the scope 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 further increased.
The importance of the international conference organized on the occasion of the anniversary of the Chamber of Auditors should be especially noted in terms of analyzing the development path of the audit profession in our country over the last thirty years on a scientific and practical level, improving the regulatory legal framework of audit activity, strengthening the professional self-governance institution, developing quality control mechanisms, and discussing important issues related to the application of international audit standards.
At the same time, discussing the new development directions of audit activity in the context of digital transformation, the integration of big data analytics and artificial intelligence technologies into the audit process, expanding the role of audit beyond the traditional compliance function as a strategic partner and value-creating institution, as well as strengthening professional ethics and public trust principles within the framework of the conference is of particular importance in terms of the requirements of the modern era.
In the modern conditions where the global economy is rapidly digitizing and technological transformation is gaining momentum, raising audit activity to a new quality level is one of the important tasks facing every country. In this regard, the implementation of consistent measures towards organizing audit activity on digital foundations, expanding the application of artificial intelligence and modern data analytics tools, increasing transparency and efficiency in audit processes, as well as developing innovative audit methodologies in accordance with international professional standards is of special importance from the point of view of the effectiveness of the Chamber of Auditors’ activities. Along with this, protecting the prestige of the audit profession and public trust in it, further strengthening high professionalism and ethical conduct principles, as well as strengthening professional human resources potential are among the main priorities ahead.
I am confident that the discussions to be held and the initiatives to be put forward within the framework of the conference will contribute to the further improvement of audit activity in our country, the application of digital transformation and artificial intelligence in audit, the expansion of international cooperation, and the enhancement of the prestige of the audit institution.
I once again congratulate the staff of the Chamber of Auditors and the conference participants on this remarkable anniversary and wish success to the work of the event.”