THE DEVELOPMENT, TYPES OF FINANCIAL SUPERVISION AND AUDIT IN PUBLIC SECTOR AND THE WAYS OF IMPROVEMENT IN AZERBAIJAN

In the context of the transition to a market economy, there arose a need to improve the outdated financial oversight mechanisms inherited from the previous economic system. The shift to the new system necessitated the development of modern legislative acts in line with global practices to regulate this area. This study focuses on the legal, institutional, and procedural changes undertaken to create a more transparent, efficient, and accountable framework for public financial control. Special emphasis is placed on the creation and role of the Chamber of Accounts, as well as the analysis of the implementation of internationally recognized audit types-such as financial, compliance, and performance audits. In addition, the paper discusses the integration of modern technologies in financial oversight mechanisms, the application of international best practices, and the need for continuous professional development and training for employees working in the field of financial control to improve their professionalism and work quality. These actions will contribute to further improving the state audit sector. The findings suggest that significant progress and results have been achieved in the field of state auditing, with the application of contemporary global practices. However, it is essential to implement new practices and leading audit activities in order to enhance the effectiveness, reliability, and sustainability of financial supervision.