Accounting Chamber Upgraded

The Accounting Chamber of Azerbaijan intends to strengthen its financial administration. For these purposes two bills have been worked out, said the Chairman of the Chamber Vugar Gulmammadov.

According to him, together with the Ministry of Finance the draft law "On State Financial Control" was worked out, aimed at clarifying the powers of the bodies involved in financial control, and improvement of the relevant legal framework.

"In addition, there is a more modernized version of the law "On the Accounting Chamber" meeting the international standards of reporting," he said.

The Accounting Chamber of Azerbaijan is accountable to the country's parliament, effective since December 7, 2001 as the authority controlling the flow of state budgetary funds in AR.

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

This entity is usually limited to generalities about the board meeting, without giving specific figures or data. According to Article 6.0.3 of the Law of AR "On receipt of information" ("Basic principles of information"), disclosure of budget revenues and expenditures is the responsibility of government agencies, including the Accounting Chamber. --17D-