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Diagnostic Study of Accounting and Auditing Practices in Azerbaijan

E-mail or fax the Publications Unit at + 632 636 2648 to order copies of this document. Applicable shipping cost will be charged. View Document  Books, Periodicals, Studies, and Reports On-line edition: Free of Charge Hardcopy price: $10.00 ISBN: 971-561-463-9 Pub. Date: 2002 In stock

This report describes accounting and auditing arrangements in Azerbaijan, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

The study concludes that, with some exceptions, much remains to be done to align Azerbaijan accounting and auditing arrangements with international practices and with the needs of the mixed market economy. Internationally-compatible arrangements can only be successfully implemented with the support of a strong profession comprising skilled accountancy professionals.

SEE ALSO

Diagnostic Study of Accounting and Auditing Practices Series Financial Management and Governance Issues Series

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Contents

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Foreword, Contents, and Executive Summary [ PDF:284kb | 15 pages ]

1. Introduction [ PDF:217kb | 9 pages ]
   1. Study Background
   2. Objectives
   3. Scope
   4. Country Case Studies and Workshop
   5. Azerbaijan
   6. ADB Operational Strategy
   7. International Guidelines and Surveillance
   8. Report Structure

2. Accounting and Auditing in Azerbaijan [ PDF:129kb | 6 pages ]

   Part One. Accounting

   1. Introduction
   2. Issues and Responses since 1991
   3. The ‘Azerbaijan Accounting System’

   Part Two. Auditing

   1. Introduction
   2. Governing Laws and Regulations
   3. Public Sector Auditing: The Azerbaijan Accounting Chamber (AAC)
   4. Accounting and Auditing Firms
   5. Issue Synopsis: Azerbaijan Accounting and Auditing Arrangements

3. Professional Infrastructure [ PDF:206kb | 9 pages ]
   1. Introduction
   2. Chamber of Auditors of Azerbaijan (COAA)
   3. Azerbaijan Audit Licenses
   4. Association of Certified Accountants of Azerbaijan (ACAAz)
   5. Institute of Internal Auditors (IIA)
   6. IRFAA Eurasia
   7. Issue Synopsis: Professional Infrastructure

4. Accounting and Auditing Standards [ PDF:139kb | 6 pages ]

   Part One. Accounting Standards

   1. Introduction
   2. Accounting Standard-Setting Responsibilities and Processes
   3. Azerbaijan Accounting Standards
   4. Public Sector Accounting Standards
   5. Comparison with International Accounting Standards (IASs)

   Part Two. Auditing Standards

   1. Azeri Auditing Standards
   2. Issue Synopsis: Accounting and Auditing Standards

5. Accounting and Auditing Training [ PDF:170kb | 6 pages ]
   1. Introduction
   2. Educational Legislation and Coordination
   3. Education and Training Institutions
   4. Language of Instruction
   5. Professional Training Activities
   6. Other Externally-Supported Training Initiatives
   7. Issue Synopsis: Accounting and Auditing Education and Training

6. Government Budgeting and Accounting [ PDF:150kb | 3 pages ]
   1. Introduction
   2. Accounting Bases and Arrangements
   3. Azerbaijan Accounting Chamber (AAC)
   4. Responses and Challenges

7. Donor Assistance [ PDF:161kb | 7 pages ]
   1. Overview
   2. Coordination Mechanisms
   3. Asian Development Bank (ADB)
   4. European Bank for Reconstruction and Development (EBRD)
   5. International Monetary Fund (IMF)
   6. United Nations Development Programme (UNDP)
   7. World Bank
   8. European Union (EU-TACIS)
   9. United States (USAID)

8. Issues and Recommendations [ PDF:126kb | 5 pages ]

   Part One. Where Donor Assistance Might be Appropriate

   1. Establish Coordination Group, Develop Strategic Plan and Review Framework
   2. Amend Laws and Regulations
   3. Clarify Accounting Standard-Setting Arrangements
   4. Clarify Legal Status of Auditing Standards
   5. Clarify Auditing Standard-Setting Arrangements
   6. Broaden and Strengthen Accounting Qualifications
   7. Develop Training Materials
   8. Develop Accounting Curriculum and Materials
   9. Provide Continuing Training to Professors and Lecturers
   10. Establish Government Accountant and Auditor Certifications

   Part Two. Where External Assistance is Not Required

9. Main Deficiencies and Action Plan [ PDF:66kb | 1 page ]

References and Appendixes [ PDF:421kb | 46 pages ]