COP29 financial operations monitored in co-op with supreme audit institution

The preparations for hosting the COP29 conference continue in Azerbaijan, Report informs.

According to COP29 Operating Organization, the public is being regularly informed about the ongoing efforts and planned activities. The state budget has allocated funds for organizing the prestigious international event.

The allocated funds are intended to ensure the high-level organization of one of the world's largest and most reputable conferences and to establish the necessary infrastructure.

To ensure financial control over the allocated state funds for COP29, the country's supreme audit institution, along with relevant government bodies, is conducting assessments of the conference's financial management. This includes evaluating the compliance of allocated state funds with approved indicators, the conformity of contracts with the allocated funds, the adherence to contract terms, and the integrity of relevant documentation.

The goal is to prevent financial irregularities before they occur by considering the aspects mentioned in the relevant auditing principles during the pre-audit process. In addition to accountability and transparency, the purpose of financial control is to ensure the efficient use of allocated funds and the return of saved amounts to the budget.

Following the COP29, both an international organization and Azerbaijan’s Chamber of Accounts are expected to prepare a report and an auditor's opinion on the audit of all incurred expenses, in accordance with the appropriate procedures.