Accounting Chamber Recommends

The Accounting Chamber of Azerbaijan supports the establishment of companies specializing in the insurance of agricultural risks in order to meet the demand for the expansion of coverage in this kind of financial activity.

The recommendations also simplify the process of registration of securities for this type of insurance, increase the insured amount paid by the state (now it is 50%) and ensure the priority of enlightenment among the population.

According to the ACA, yet low is the level of development of the budget to cover the risks of agricultural industry. So, in 2012, there was allocated only 750,000 AZN and it was used only at the level of 4.7%. In 2013, it was 2% of the applied allocation of 1 million AZN. Last year there was also allocated 1 million used at 2.3%. This year there has already been spent 98.5% of the allocated 1 million manats.

The Accounting Chamber of Azerbaijan, accountable to the parliament, has operated from December 7, 2001 as the authority controlling the flow of budgetary funds of Azerbaijan.

Executives (members of the Bar, which consists of the chairman, his deputy and seven auditors) are elected every 7 years.

This body is usually limited to generalities about the Board meeting, without giving specific numbers or data. According to Article 6.0.3 of the Law of Azerbaijan Republic "On receipt of information" ("Basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government institutions, including the Accounting Chamber. --17D-