Turkic states chart course for unified auditing market

A new initiative aimed at deepening professional and economic cooperation across the Turkic world is moving forward, with plans underway to establish legal and institutional mechanisms that would enable independent auditors to work across Turkic states on a reciprocal basis.

Hayrettin Kurt, Chairman of the Public Oversight, Accounting and Auditing Standards Authority of Türkiye (KGK), said growing globalization and the expansion of companies into international markets have increased the demand for cross-border professional services, Caliber.Az reports per local media.

"Our initial goal is to develop mechanisms that will allow independent auditors to operate in Turkic countries on the basis of reciprocity. We believe that the necessary conditions for this have already matured," Kurt said.

According to Kurt, the proposed Union of Accountants and Independent Auditors of Turkic States is expected to play a central role in facilitating such cooperation. The initiative also includes plans to harmonize reporting standards and strengthen collaboration in the preparation of financial statements across member countries.

"Work on the founding documents of the Union has already made significant progress, and the first concrete steps are expected to be taken as early as September this year. Strengthening the auditing institution directly contributes to increasing countries' investment attractiveness and improving the business climate. The creation of the Union will not only enhance the international standing of the auditing profession but will also provide a powerful impetus for economic integration among Turkic states," Kurt emphasized.

By Vafa Guliyeva