LAW OF THE AZERBAIJAN REPUBLIC

of May 22, 2007 No. 332-IIIG

About internal audit

This Law for the purpose of increase in effective management of business entities in the Azerbaijan Republic determines the legal basis of the organization and activities of service of internal audit, the right and obligation of internal auditors.

Section I. General provisions

Article 1. Basic concepts

1.0. The concepts used in this Law designate the following:

1.0.1. internal audit - the objective, guaranteeing and consulting activities giving help to business entity in achievement of the purposes in case of systematic approach to the risk management directed to increase in development and rationality of activities of business entity to assessment and development of efficiency of control and management;

1.0.2. service of internal audit - the structural division performing in business entity activities for internal audit (Auditing committee, department, department, division, the internal auditor);

1.0.3. relevant organ of the management managing subjektavysshy governing body (The board of directors and the Supervisory board) and the Governing body exercising control in business entity;

1.0.4. Auditing committee - the structural division created in business entity according to this Law responsible for preparation, implementation of policy and strategy for internal audit and the organization of audit control;

1.0.5. the internal auditor - the employee of service of internal audit performing internal audit;

1.0.6. The Institute of Internal Auditors (IIA) - the professional association leading work on the international certification, training, studying and preparation of special instructions as internal audit;

1.0.7.standarty internal audit - the regulating documents approved by Board according to standards of internal audit of Institute of internal auditors which regulate internal control systems and activities of service of internal audit.

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