17:42 - 11.04.2023
April 11, Fineko/abc.az. The Accounts Chamber conducted an audit of compliance with the financial and economic activities of the Central Bank of Azerbaijan (CBA) in 2021 and the first half of 2022 and revealed shortcomings, ABC.AZ reports with reference to the Accounts Chamber.
The organization believes that CBA’s activities on forecasting of income and expenses are based on sufficiently perfect legal framework, the budget of which has been prepared taking into account the requirements of the “procedural rules of budget planning and control over the execution of the budget of the Central Bank” and in coordination with the relevant executive authority. This, in turn, creates a basis for maintaining a low level of risks for the transparency of financial statements.
The investment funds envisaged in the budget for each year approved by the CBA Board for individual years and facilities were not used during the corresponding year or, if they were not provided for in the budget of the corresponding year, but were allowed.
The construction work was started without obtaining an expert opinion on the design and estimate documentation, without providing author's supervision of the construction and without calculating the probable construction price, and the “operation permit act” formalizing the completion of the construction of the facility was drawn up and was not approved.
After the full completion of the construction work, the documentation was brought in accordance with the requirements of the legislation.
