Chamber of Auditors reports profit decline for 2023
Nazrin Abdul
Read moreThe Chamber of Auditors ended 2023 with a profit of 159,000 manats, a decline of 54.3%, or approximately 2.2 times less than in 2022, Azernews reports.
Last year, the Chamber's operating income totaled 1.329 million manats, down 12.7% from the previous year. This included membership fees of 1.188 million manats (up 10.7%), professional development and examination income of 45,000 manats (up 73.1%), grants and donations amounting to 94,000 manats (2.4 times more), and income from the reduction of reserves for bad debts totaling 2,000 manats (about 200 times less).
During the reporting period, the Chamber's operating expenses were 1.17 million manats, a decrease of 0.4%. Expenses included 693,000 manats for employees (up 16.3%), 24,000 manats for travel (doubled), 87,000 manats for information and advertising (up 36%), 13,000 manats for printing and press (down 3.8 times), and 12,000 manats for information technology and office support (down 3.5 times).
Depreciation expenses were 31,000 manats (down 10.7%), communication costs were 32,000 manats (up 52.4%), membership fee costs were 24,000 manats (up 14.3%), audit and professional consulting services amounted to 77,000 manats (up 32.8%), and other operating expenses totaled 38,000 manats (up 15.15%). Insurance, bank, conference, and rental expenses were unchanged at 3,000 manats, 7,000 manats, 33,000 manats, and 5,000 manats, respectively.
Tax expenses were 5,000 manats (new), social expenses were 80,000 manats (new), and utility expenses were 5,000 manats (new). As of January 1, 2024, the Chamber's assets were 1.24 million manats, a 13.2% increase from the previous year. Liabilities decreased by 8.7% to 20,000 manats, while balance capital rose by 13.9% to 1.22 million manats.
At the end of 2023, Azerbaijan had 157 auditor organizations and 69 independent auditors, representing increases of 2.6% and 21.05%, respectively. The total number of auditors in the country was 226, up 7.6% from the previous year.
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