Opaque Chamber selects consultant for transparent reporting

Accounting Chamber of Azerbaijan (ACA) launched a process of evaluation of the technical proposals submitted by the six contenders for the contract to implement the advice in the "Reporting in the corporate and private sectors" (CAPSAP).

As noted on the ACA site (http://www.ach.gov.az/?/az/news/view/471), the financial proposals of candidates will be considered later, and the winner will be announced through the official media.

Consultancy services will be provided by the loan of the State Secretariat for Economic Affairs (SECO).

Consultant services will be provided within 18 months of the four directions. The first of them is help to increase the capacity for performance audit, the second - help with the financial audit on the basis of risk assessment, and the third - help with improving standards of audit and legal framework, and the fourth - support for human resources and training practices in the Chamber.

The Board of Directors of the World Bank in March 2008 approved a loan of $ 11 million for the project "reporting in the corporate and private sectors" (CAPSAP) in Azerbaijan.

Agreement on CAPSAP project came into force on 19 December 2008. It is to be realized for 4 years. The main purpose of the project is to increase transparency in financial reporting of corporate and public sector in the commission of international experience as well as the systematic implementation of training courses for accountants and auditors.

The cost of the project "Corporate Accountability and public sector" is $ 24 million, of which the share of the Azerbaijani government is $ 8 million, the International Development Association - $ 11 million (the loan will be repaid over 35 years at 0.75% per annum, with a grace period is 10 years). The share of the Japanese government grant is $ 3 million, and the grant of SECO is $ 2 million

The Accounting Chamber of Azerbaijan has been valid from December 7, 2001 and controls the budget flows in AR. It reports to Parliament. Executives (members of the Board, which consists of the chairman, his deputy and seven auditors) are elected every 7 years.

Accounting Chamber of Azerbaijan is generally limited to general statements about the board meeting, without giving specific numbers and data. According to Article 6.0.3 of the Law of Azerbaijan "On receipt of information" ("The basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government agencies, including the Chamber. - 17D-