The meeting also covered the chamber’s initiatives to upskill its workforce through international and national certifications. Credit: fizkes/Shutterstock.

Azerbaijan’s Chamber of Accounts has engaged in discussions with the International Federation of Accountants (IFAC) to explore future cooperation opportunities, reported Azernews. 

The discussions focused on enhancing accounting standards and strengthening public sector accountability. 

The chairman of Azerbaijan’s Chamber of Accounts, Vugar Gulmammadov, met with IFAC president Asma Resmouki in Baku to discuss the Federation’s strategic goals and the potential for collaborative efforts in the accountancy sector.  

Resmouki outlined IFAC’s commitment to developing quality standards, promoting accountability, and supporting research and educational initiatives in accounting. 

Gulmammadov highlighted the significant reforms in public finance management within Azerbaijan and emphasised the supreme audit body’s role in bolstering accountability.  

He suggested that advancements in accounting legislation could further bolster the ongoing reforms aimed at enhancing professional capacity within the sector. 

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The meeting also covered the chamber’s initiatives to upskill its workforce through international and national certifications, and the success of practical training programmes for finance and accounting students over the past two years.  

These efforts are part of a broader strategy to strengthen the professional personnel’s potential in Azerbaijan. 

In addition, the discussions touched upon the improvement of international standards for the non-commercial sector and the public sector consolidation process, informed by the findings from the Chamber’s financial audits.  

Suggestions were made to refine these standards based on the identified issues. 

Addressing IFAC’s role in climate change initiatives, Resmouki mentioned the “Climate Scanner” tool, which is being utilised by supreme audit bodies from 127 countries, including Azerbaijan’s Chamber, to assess government actions on climate change prevention.  

The preliminary results of these assessments are being discussed with relevant state bodies, with global results expected to be announced at COP29.