11:14 - 26.11.2025
November 26, Fineko/abc.az. The Board of the Central Bank of Azerbaijan has approved the "minimum requirements for conducting an external audit of non-bank credit institutions".
ABC.AZ informs that in this regard, Central Bank’s governor Taleh Kazimov signed a new decision.
According to the decision, these requirements will not apply to external audits conducted by the NBCO on its own initiative, with exception of external audits conducted in cases prescribed by law.
Thus, an external auditor must comply with the requirements established by the Chamber of Auditors in relation to an external auditor conducting audits in socially significant institutions, as well as be independent, not have any other relations, including business ones, that could undermine the independence of the external auditor and employees participating in the audit with the NBCO, an employee of the external auditor. The auditor who will participate in the audit should not have worked in this NBCO for the last 3 years, the same external auditor should not conduct an audit of the NBCO for more than 5 consecutive years.
In addition, by December 15 of each calendar year, the NBCO must submit to the regulatory authority written information about the external auditor who will conduct the audit of the organization.
The CBA Legal Department has been instructed to submit this decision to the Ministry of Justice within 3 days for inclusion in the State Register of Legal Acts.
