Accounting and Auditing Standards Community of Practice (A&A CoP) STAREP ESTABLISHING APPROPRIATE AUDIT & ACCOUNTANCY OVERSIGHT SYSTEM IN AZERBAIJAN

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1 Accounting and Auditing Standards Community of Practice (A&A CoP) STAREP ESTABLISHING APPROPRIATE AUDIT & ACCOUNTANCY OVERSIGHT SYSTEM IN AZERBAIJAN

2 Professional Public Oversight Organizations in Azerbaijan Audit Accountancy

3 ORGANISATIONAL STRUCTURE Chamber of Audits Council of the Chamber Advisory Council Executive Body Commissions: - Certification; - Norms & regulations; - Proffesional improvement; - Methodology: Members of the Chamber Committees - Quality control - Ethics Departments - Quality Control & legal - Audit & regulation - İnternational relations - Analytical Independent Auditors Local Audit Companies International Audit Companies

4 FUNDING Established in 1995, as an independent auditor regulator, responsible for regulating activities of all audit practitioners. Funded by membership fees, and additional services provided to members, such as training courses, publications and etc.

5 STRUCTURE OF EXECUTIVE BODY Chairman of the Chamber Deputy Chairman Audit Regulation & Transparency Provision Department Education & Public Relations Department Analytical Department

6 CERTIFICATION PROGRAMS Training and continuing professional education programs, training program, schedule of qualification course of auditors and the list of auditors on groups are discussed and approved at the meeting of Board of Chamber; Chamber of Auditors and Audit- Azerbaijan Institute Public Unions of International Institute of Internal Auditors (IIA) conducted courses on Basis of internal audit, Basis of audit,.

7 ESTABLISHMENT OF ARPA Azerbaijan Risk Professionals Association was founded in March 2009, as independent organization; Main objective was contribution to culture development of financial discipline increasing professional knowledge among specialists of the industry;

8 ORGANISATION OF PUBLIC OVERSIGHT ARPA expanded activity and changed the name to Accountants & Risk Professionals Association; New priorities of ARPA to transfer on Public Oversight Body, aiming at creating value by delivering advanced, creative and informative solutions with the priority to the knowledge content to both private and public sectors; Particular focus on improving professional level of accountants and their quality of services;

9 BOARD COMPOSITION General Assembly Board of Directors Chairman of the Board

10 ORGANISATIONAL STRUCTURE Board of Directors (Elected Members) Disciplinary Commitee Ethnics and Independence Committee Finance Comittee Executive Director Technical Board Membership Board Regulation Compliance Board Quality Assurance Board Education/ Accreditaion of Universities

11 DEVELOPMENT STRATEGY Certification programs aimed at institutionalization of accountant profession; Create standards for continuing education; Adoption of relevant standards; Membership in IFAC; Sustainable dialogue with regulatory bodies; Investigative and administrative disciplinary system by establishment of the Code of Ethics for accountants and monitoring its implementation.

12 CERTIFICATION PROGRAMS 1 Basics of Economics 2 Financial Accountant 3 Management Accountant 1st level 4 Management Information System 5 Business Law and 6 Preparation of financial reports 7 Audit and assurance 8 Corporate governance, ethics and risk management 9 Corporate reporting 2nd level 3rd level 10 Financial management

13 CERTIFICATION PROGRAMS ARPA is responsible exclusively for certification of participants; Trainings organized by professional training institutions, including Training Center under the Ministry of Finance; Exams are regulated by evaluation committees consisting of professional experts nominated from Big 4 and other relevant institutions;

14 FUNDING SOURCES Membership fees; Certification exams; Additional services: Analytical Publication Conferences, seminars and other events

15 ACCOUNTABILITY General Assembly Annual Meeting; Annual financial audit conducted by one of the International Audit firm; Periodic publications;