The Central Bank of the Republic of Azerbaijan has approved the Minimum Requirements for Conducting External Audits in non-bank credit organisations (NBCOs), setting baseline rules for how NBCOs appoint and oversee external auditors. Adopted by the central bank’s Board on 7 October 2025 under the Law on Non-bank Credit Organisations, the requirements entered into force on 22 November 2025. The requirements define selection criteria for external auditors, set expectations for auditors’ work, and assign duties to audit committees. They limit an NBCO’s audit engagement with the same external auditor to no more than five consecutive years, require that audit staff involved in an engagement have not worked at the audited NBCO during the prior three years, and oblige NBCOs to submit written notice to the central bank identifying their external auditor by 15 December each calendar year.
Central Bank of the Republic of Azerbaijan 2025-11-26
Central Bank of the Republic of Azerbaijan approves minimum external audit requirements for non-bank credit organisations including five-year auditor rotation
The Central Bank of the Republic of Azerbaijan has approved new Minimum Requirements for Conducting External Audits in non-bank credit organisations (NBCOs), effective 22 November 2025. These rules establish criteria for auditor selection, set expectations for audit work, and limit audit engagements to five consecutive years. NBCOs must ensure audit staff have not worked at the audited entity in the prior three years and notify the central bank of their auditor by 15 December annually.