26 November 2025, Baku: As part of the implementation of the strategic objectives set out in the 2024–2026 Financial Sector Development Strategy, the Central Bank takes necessary steps to strengthen the institutional capacity of non-bank credit institutions (NBCIs) and enhance transparency and disclosure practices in the sector.

In accordance with the requirements of the ‘Law of the Republic of Azerbaijan on Non-bank credit institutions’, the Management Board of the Central Bank with its decision of 7 October 2025 approved the ‘Minimum external auditing requirements for non-bank credit institutions’ (Requirements), which took effect on 22 November 2025.

The Requirements establish criteria for the selection of external auditors, outline the obligations governing their activities and define the responsibilities of Audit Committees in relation to external audits. The document specify, among other provisions, that an NBCT may not be audited by the same external auditor for more than five consecutive years, and that any staff member of the external auditor involved in the audit should not have been employed by the respective NBCT during the previous three years. In addition, NBCIs are required to submit written information to the Central Bank by 15 December of each calendar year regarding the external auditor that will conduct their audit, along with fulfilling other related requirements.

These Requirements are designed to promote greater transparency and improve access to information in the NBCI sector, thereby supporting its sustainable development.

The Central Bank will continue its efforts to reinforce institutional capacity and corporate governance in the NBCI sector, ensure sound and sustainable operations, and expand the application of approaches consistent with international best practices.

For the full text of the Requirements, please follow the link below:

Minimum external auditing requirements for non-bank credit institutions