Joint Programme

Partnership for Good Governance

Money laundering and terrorist financing pose significant risks to the stability of the financial system and the wider economy. These activities can have serious consequences for businesses, communities and individuals. Preventing and detecting them requires the combined efforts of many professionals, including auditors, who play an important role in identifying risks and drawing attention to unusual activities.

The Council of Europe held three one-day workshops on 8, 9 and 10 September 2026 for three groups of auditors. Together, the workshops, organised in cooperation with the Chamber of Auditors and the Financial Monitoring Service of Azerbaijan, reached almost 50% of the auditors in the country. The aim was to enhance auditors’ understanding of the risks they may come across in their work and to provide practical advice on how to recognise and address them.

Discussions highlighted the importance of auditors to stay alert to potential risks while carrying out their work and to apply sound professional judgement. Participants discussed the importance of quality control in ensuring that audit work is properly planned, carried out and documented. They also considered common shortcomings that can arise and the ways to improve the quality of checks for possible financial crime.

A further focus was on identifying warning signs that could point to suspicious transactions or activities. Through practical examples and case studies, participants explored how these signs might appear in everyday business situations and what steps auditors can take when they come across them.

Helping auditors strengthen their knowledge and skills in this area is an important part of the wider effort to prevent financial crime and protect the financial system. By being better equipped to recognise risks and knowing how to respond, auditors can help promote greater transparency and accountability. Ongoing learning and awareness can further support a safer, more transparent and trustworthy financial system.

This activity is part of the European Union and Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project "Preventing and fighting economic crime in Azerbaijan.”