Azernews.Az

Nazrin Abdul

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According to the 2025 Work Plan of the Chamber of Accounts of the Republic of Azerbaijan, an audit of revenues and expenditures was carried out during the preparation and implementation stages of the COP29 international event. As a result of the audit, a positive opinion was issued on the financial statements prepared by COP29 Azerbaijan Operating Company, Azernews reports.

The audit was conducted using a methodology based on the international principles of the INTOSAI Framework of Professional Pronouncements (IFPP). The audit process included the analysis of financial documents, verification of the accuracy of income and expenditure reports, assessment of compliance with the legal framework, and evaluation of the effectiveness of the internal control system.

Of the total funds for the event, 92.5% came from the state budget and 7.5% from other sources. The funds were used to cover the operational, construction, service, transportation, equipment, marketing, and other necessary expenses of the COP29 Azerbaijan Operating Company, as well as payments under international commitments. The main share of operational expenses was spent on conference venues (65.4%) and content development activities (10.2%). After the event, long-term assets acquired (such as vehicles and equipment) were duly transferred for use by relevant state institutions.

During the preparation and implementation stages, the main contractors under service agreements were non-resident companies operating in Turkiye, Germany, Israel, the United States, and the United Arab Emirates.

The audit report noted not only the positive aspects of financial management but also areas that could be improved. No significant violations of procurement legislation were identified.

Within the framework of the event, all acquired assets and incurred liabilities were inventoried, the reusability of long-term assets was assessed, the completeness of handover documents was checked, and the importance of reconciling data with contractors was emphasized.

The positive outcome of the audit demonstrates that the organization of COP29 was conducted in accordance with the principles of transparency, accountability, and efficient financial management.