LAW OF THE AZERBAIJAN REPUBLIC

of September 16, 1994 No. 882

About auditing service

This Law determines the organization of auditing service, the legal beginnings of its implementation, function, the right and obligation of auditors, provides creation of the system of independent financial control protecting property rights of the owner in the Azerbaijan Republic. The relations connected with auditing service are regulated by this Law, and also other legal acts of the Azerbaijan Republic, international treaties and agreements.

Chapter I. General provisions

Article 1. Scope of the Law

1.1. This Law extends to everything functioning in the territory of the Azerbaijan Republic (except for the Alyatsky free economic zone) the companies, the organizations and organizations (further - business entities), irrespective of pattern of ownership and organization-legal subordination.

1.2. The relations in connection with auditor services in the Alyatsky free economic zone are governed according to requirements of the Law of the Azerbaijan Republic "About the Alyatsky free economic zone".

Article 2. Concept of audit

Audit is independent check of clearness and reliability under the authority of financial accounting and the financial reporting of the business entities who are engaged in production and sales of goods, rendering services and performance of works.

Audit inspection can be obligatory or voluntary (on own initiative business entity). For business entities who under the law shall publish the financial reporting and also in the cases which are directly provided by the law, audit is obligatory, and in other cases - voluntary.

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