IFAC and Institute of Chartered Accountants of Pakistan sign MoU

By Asim Aliev

A Memorandum of Understanding (MoU) on cooperation between the Chamber of Auditors of Azerbaijan (IFAC) and the Institute of Chartered Accountants of Pakistan (ICAP) is being signed, Azernews reports.

Chairman of the Chamber of Auditors of Azerbaijan, Vahid Novruzov, stated that Pakistan's experience will be used to increase the transparency of Azerbaijan's economy, raise the level of non-state financial control, and widely apply digitalization in auditing.

He emphasised that "cooperation between the two institutions at the current stage of economic development is aimed at ensuring transparency and establishing a high level of accountability, eliminating the shadow economy, and gradually increasing the role of state and non-state control, including independent audit, and the implementation of existing problems and challenges. It will create great opportunities in this area.

Novruzov expressed hope that his Pakistani colleagues will be able to use the results achieved by Azerbaijan in the field of innovative audit development, combating the shadow economy, and the use of digitalization in auditing.