According to him, both legalization of criminally obtained moneys and corruption prevent formation of favourable investment environment, involvement of investments through foreign and domestic sources, development of entrepreneurship: “World practice shows that money laundering and corruption weaken sustainability of the financial market. At the same time, it’s proved that possibility of legalization of criminally obtained moneys and properties directly depends on accuracy of financial statements. In the international practice, existence of financial statements confirmed by independent auditor is assessed as a preventive measure in combating criminally obtained money and property and corruption”.
The chairman thinks that despite the correct audit is assessed as a fundament of economic stability, the processes in the past thirty years caused decline in public confidence in audit: “What’s going on around the world makes us admit the fact that the audit cannot protect the interesting sides from swindling and does not guarantee future successes of this or other company. So, it appears that bankruptcy and banking-financial scandals happen when the auditor pronounces a positive opinion on the organizations. Financial and economic crisis showed that sometimes auditors involved in legalization of criminally obtained moneys”.
“Unfortunately, other auditors reveal some financial and accounting violations in the organizations on which our members pronounce opinion. This is unacceptable”, Novruzov said.
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