Audit — the process of accurate and honest accounting of an enterprise and the examination of financial statements by an independent auditor, as well as the issuance of an opinion. Audit increases financial transparency and strengthens reliability for investors and partners. According to the legislation of the Republic of Azerbaijan, micro and small business entities are exempt from mandatory audit. Enterprises that do not fall under the micro and small category, including some limited liability companies and joint-stock companies, are required to engage an independent auditor in order to verify the accuracy of their annual financial statements. Failure to comply with mandatory audit requirements in cases provided for by law entails administrative liability.
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