In the area of the country'sfinancial accountability framework, Azerbaijan has alreadyreceived and continues to receive a considerable amount ofanalysis, advice, and assistance, particularly in the areasof public financial management from the InternationalMonetary Fund, the World Bank, USAID, and lately, theEuropean Union.. This CFAA summarizes the analysis performedto-date as well as any associated advice and developmentassistance and also identifies areas hitherto un-addressedand provides a framework to address issues arising. Thisreport comprises a matrix summarizing ongoing financialmanagement initiatives and CFAA recommendations. In respectof private sector enterprise accounting, the CFAA recommendsre-establishing the Council of Accountants withresponsibility for preparing and determining accountingstandards; developing a plan to harmonize the varioussources of accounting guidance; relying more onauditor's conclusions to determine compliance withrelevant accounting standards; and developing training andcapacity building programs. Regarding private sectorenterprise auditing, the CFAA recommends having the CivilCode define the entitiesrequired to have an audit;amending the laws on auditing; and adopting internationalstandards on auditing. To strengthen the banking sector, theCFAA recommends coordination to develop banking accountingstandards; and setting professional qualifications forauditors. To reinforce financial accountability aspects ofthe country's corporate governance framework, the lawsshould clarify the roles and resources available to anentity's financial auditing commission. The report alsorecommends establishing an oversight group and reviewingaudit firms to confirm their acceptability.
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