Audit Praises COP29 Azerbaijan Operating Company's Financial Management

2025-10-27 09:07:04

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 27. The financial statements of COP29 Azerbaijan Operating Company, which oversaw the planning and execution of the forthcoming international conference, were audited by the Chamber of Accounts of the Republic of Azerbaijan as part of its 2025 Work Plan, and the auditing body issued a positive judgment on the statements, Trend reports.

According to the Chamber, the audit was carried out in line with the INTOSAI Framework of Professional Pronouncements (IFPP) developed by the International Organization of Supreme Audit Institutions (INTOSAI). The review covered the analysis of financial records, verification of income and expenditure accuracy, compliance with legal frameworks, and the evaluation of the efficiency of internal control systems.

The report notes that 92.5 percent of funds were allocated from the state budget, with the remaining 7.5 percent coming from other sources. The allocated funds covered COP29 Azerbaijan Operating Company's expenses for operations, construction, services, transportation, equipment, marketing, and other essential areas, as well as payments related to international commitments. The main portion of operational costs was spent on conference venues (65.4 percent) and content preparation (10.2 percent).

Following the event, enduring capital assets, including transportation units and operational apparatus, were formally allocated to governmental entities for sustained utilization.

During the preparatory and execution phases, service agreements were predominantly executed with non-resident entities hailing from Türkiye, Germany, Israel, the United States, and the United Arab Emirates.

The audit yielded a determination that no material breaches of procurement statutes were detected, concurrently delineating multiple domains for enhancement. In summary, the Chamber underscored that the audit findings demonstrate compliance with the tenets of transparency, accountability, and robust fiscal governance in the orchestration of COP29.

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