BAKU (Azerbaijan): On December 1, 2023, ICAP and Chamber of Auditors of the Republic of Azerbaijan signed Memorandum of Understanding. Both the organizations view it as a foundation for a strategic relationship between the two professional bodies and beneficial for both brotherly countries. The initiative had full support from the President of the Republic of Azerbaijan Mr. Ilham Aliyev.

The signing ceremony was held in Baku, Azerbaijan. The Chairman of the Chamber of Auditors of Azerbaijan, professor Vahid Novruzovin his opening speech, welcomed the guests and expressed his gratificationfor M Ali Latif, the President of the Institute of Chartered Accountants of Pakistan, for visiting Baku for the ceremony.

Speaking to the participants of the ceremony, Vahid Novruzov noted that the cooperation between both institutions in the modern age of economic development would ensure transparency and high level of accountability. He looked forward to benefit fromrich experience of ICAP and also hoped that ICAP will also be able to benefit from Azerbaijan’s experience in the field of audit, fight against shadow economy and application of digitization in audit.

President ICAP, M. Ali Latif expressed his gratitude to the administration of the Chamber for their hospitality and willingness to work jointly for the development of audit profession. He also mentioned that ICAP will play its due role in establishing business relations between the audit professionals of the two organizations.

The ceremony was attended by a number of dignitaries, including Mammad Musayev - president of the National Confederation of Entrepreneurs’ (Employers’) Organizations of Azerbaijan andAnarMammadov, Deputy of the Milli Majlis of Azerbaijan and Sara Ijaz - acting ambassador of the Islamic Republic of Pakistan.

Copyright Business Recorder, 2023