Current state and development of audit service in the Republic of Azerbaijan

Significant measures have been taken recently in the Republic of Azerbaijan to accelerate economic reforms, improve business environment, develop entrepreneurship and diversify the economy. Processes taking place in the global economy have further increased the urgency of a number of problems in regulation and management of economy including greater transparency, and accordingly improvement of reporting, accounting and audit system that are of particular importance. In this context taking into account challenges of new era, audit service also faces serious challenges. Audit should be even more closely involved in macro- and microeconomic development and play a major role in creating a single information space. All such important factors necessitate an increase in the level of audit service development. The article analyzes the level of audit service development in the Republic of Azerbaijan from different perspectives. Relevant studies enabled assessment of audit service both as an individual industry, and a level of development related to the branches of economy...