Azerbaijan, Baku, Oct. 13 /Trend, A.Akhundov/
Accounting Chamber of Azerbaijan has been submitted proposals under the World Bank project on accounting in corporate and public sector (CAP/SAP), Deputy Chairman of the Chamber Adil Maharramov told Trend on Thursday.
"The German expert Axel Mennicken, involved as a consultant, has prepared and presented us proposals for improvement of the legislation with introducing international experience," said Maharramov.
According to him, proposals have been submitted in English and are being translated into Azerbaijani. "By the end of the month, we will assess these proposals," he said.
Total project cost is $24 million. The project is financed by a loan from the World Bank in amount of $11 million, grants of the Japanese Foundation PHRD ($3 million), Seco ($2 million) and shares of the Government of Azerbaijan ($8 million). CAP/SAP project was approved by the executive board of the World Bank on March 27, 2008.
According to Maharramov, now the Chamber carries out an audit at the Azerenergy JSC (production and distribution of electricity in Azerbaijan).
"This is the first audit in the current year," he said. According to him, the Chamber will complete the inspection within 15-20 days.
Maharramov told Trend earlier that the Chamber plans to increase the number of audits. "Our goal is to increase the number of audits, expand their scope and coverage of the budget to audit the effectiveness of their spending," he said.
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