Internal audit and control

In accordance with clause of the Articles of Association of ASCO,  ASCO established an internal control system that ensures effective reporting and disclosure of information to increase the effectiveness of the management and enhance the promotion of ASCO,  as well as to evaluate and direct the activities of its separate management bodies (structural divisions). ASCO also implements internal auditing within the framework of internal control. Internal auditors conducting internal audit are entitled to make independent judgments and assessments while performing their functions. ASCO’s employees involved in the internal auditing activities should have higher educational attainment on economic or legal, or other professions and have 4 years of experience in auditing or related fields.

All employees of ASCO are obliged to submit necessary documents at the request of employees conducting an internal audit and to create necessary conditions to ensure them to perform their duties properly.

The internal audit shall :

• check the compliance of activities of ASCO, its subsidiaries, departments, branch and representative offices with the legislation of the Republic of Azerbaijan and internal documents of ASCO ;
• engage in regular monitoring of operations in all fields for the purposes of the detailed assessment of ASCO’s economic activity, as well as its financial condition ;
• provide information and make suggestions to the ASCO Chairman on the findings of internal audit reviews, including the elimination of revealed deficiencies ;
• exercise other authorities prescribed by virtue of laws of the Republic of Azerbaijan and the Articles of Association of ASCO.

The internal audit shall be guided by the following principles while performing its activities :

• reliability and integrity of the financial statements ;
• Effectiveness and efficiency of operations ;
• asset protection ;
• compliance with the legislation and internal rules and procedures of ASCO