Annual financial reports will include an analysis of gaps
Local companies will be on the new annual reports on financial performance. In the preamble of the document will be analyzed the priorities , reasons for failure of certain products and solutions to problems. The Accounting Chamber of Azerbaijan (ACA) will see to it within the framework of CAP / SAP World Bank.
As stated by the country's chief auditor, checking efficiency is provided by the Terms of Reference approved by the special committee and then by the Board in accordance with ACA component "Promotion of the Strategic Development Plan of the Chamber of Accounts for 2014-2015" long-term project CAP / SAP.
The main contractors are KOSI Corporation Ltd, Turkey Accounts Court (Supreme Audit Authority) and the company Central Audit Azerbaijan.
Task performance is now at the stage of selection of two pilot projects with the participation of consortium of ECORYS Netherland BV, ARPA and the organization of CIPFA. They are responsible for helping in the implementation of performance audit.
The Consortium has presented new rules for inspections of business entities. The new component of the project CAP / SAP has been implemented since July 2013 . - 17D-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review