Weekly economic review

Analysis Materials 24 April 2007 12:02 (UTC +04:00)

Last week the Azerbaijan Parliament heard a traditional annual report by the Accountancy Chamber. In difference to previous year the reports was not made by the Chairman of the Accountancy Chamber, but his Deputy Abbas Allahverdiyev. Namig Nasrullayev, who suffered from poor over the long period and could not come to work, appealed for resignation due to ill health.

On 17 April the Azerbaijan Parliament approved the appointment of Heydar Asadov as Chairman of the Accountancy Chamber.

Asadov, aged 48, was appointed Deputy Finance Minister in 1995 and in 1996 he was appointed Head of the State Treasury.

Abbas Allahverdiyev, the deputy chairman of the Azerbaijani Accountancy Chamber, reported that the significance of the chamber has increased taking into consideration the rapid economic development of the country during the last three years

The Accountancy Chamber held 18 audits in 2006. The audits were held in the Aztelekom production association of the Ministry of Communication

The audits were carried out in Aztelekom production association of the Ministry of Communication and Informational Technologies, Kishli trucking industry station, notary's offices, State University of Foreign Languages, Ministry of Education, Khatai District municipality, State Committee on Refugees and Internally Displaced Persons and the Public TV and Radio Broadcasting Company.

The Chamber of Accounts of the Country received 30 complaints in 2006. Unfortunately, reports on check-ups and results are not made public.

Established to carry out foreign control, the accountancy Chamber of Azerbaijan is a supreme body of state control. The 6-year term experience of the Azerbaijani Accountancy Chamber proves the fact that the standards of the legislative acts regulating the Chamber and other financial control organizations, needs to be amended. It turned out that the enterprises undergoing audit do not approach seriously to check-ups with in the joint venture, rather the tax audits by the Finances Ministry.

Chamber's role becomes more significant, taking into consideration high economic growth over the past 3 years. The Chamber plans to establish its activities in the macroeconomic analysis, development of proposals and recommendations for the parliament to strengthen control over budget funds and improve the budgetary system. The Accountancy Chamber is to undergo serious changes in the near future.