The State Examination Center (SEC) and Baku Engineering University (BEU) has signed a Memorandum of Understanding in support of official cooperation. The memorandum aims to increase financial literacy, improve subject programs, curricula and internal semester exams in finance, accounting and audit, and bring them into line with international and local qualifications.

At the signing ceremony, Maleyka Abbaszada, Chairperson of the Board of Directors of SEC, highly appreciated the interest of higher education institutions in cooperation, noting that mutual agreement would play an important role in developing students' theoretical knowledge and practical skills. The Head of the Center touched upon issues such as harmonization of Professional Accountant Certificate exams with IFAC (International Federation of Accountants) standards, mechanisms for exemption of Professional Accountant Certificate holders from relevant qualifications of ACCA, development of professional development programs and integration with the certification process, as well as provided statistics on Professional Accountant Certificate exams conducted by the SEC, by emphasizing the institution's cooperation with the Ministry of Finance, professional accounting organizations and training centers.

Filiz Demiroz, head of the Turkish Branch of ACCA, also stressed the importance of cooperation with higher education institutions, as well as gave detailed information about the advantages and opportunities created by ACCA qualifications.

Speaking at the event, the Rector of BEU, Professor Havar Mammadov spoke about the legislative acts related to the existing accounting system in Azerbaijan. Reminding that the State Examination Center was responsible for conducting  Professional Accountant Certificate exams in our country, the Rector mentioned that BEU teachers took an active role in the preparation of materials for these exams. Underlining the successful teaching of international accounting standards and state legislation in the relevant field in the Azerbaijani and English at BEU, Havar Mammadov highly appreciated the joint activities of the university's leading specialists and employees with the State Examination Center in the mentioned direction and expressed his hope for fruitful cooperation.

The Rector pointed out that at a time when the requirements of a transparent economy and accountability of our state were at a high level, BEU had a high level of cooperation with both international and local organizations. He touched upon that the teaching of accounting at BEU was fully in line with the ACCA curriculum, and the syllabi and exam questions met the requirements of this institution. By emphasizing that many BEU students and alumni were members of ACCA, the Rector added that among them were the first place winners in the world and Azerbaijan in the ACCA exam session.

At the end of his speech, the Rector expressed his confidence that the joint cooperation of higher education institutions, the SEC and the ACCA would increase the effectiveness of accounting and thanked the partners for this cooperation.

Stressing the benefits of the agreement for the parties, other speakers also said that mutual cooperation would constitute a foundation for serious steps by higher education institutions.

The event also noted that a Memorandum of Understanding would lead to significant qualitative changes in the application of international accounting standards and the acquisition of practical skills in teaching in the field of accounting.

Public Relations Department