Azerbaijan’s Accounting Chamber has begun inspecting the State Oil Fund, TURAN reports, citing the head of the Accounts Chamber, Geydar Asadov.
“Our staff began inspecting State Oil Fund. The inspection’s primary objective is to analyze the use of the fund’s money, portfolio, currency structure of the assets, the countries where these assets are, and rating the structures where the money is,” Asadov said.
He noted that the inspection will cover the period from 2007-2009.
In general, the Accounts Chamber plans to have 40 audit measures and expert-analytical measures in 2010.
“We are expanding the sphere of inspections, expanding inspections to new subjects. In 2010 inspections we will inspect analysis of financial projects realized by credit money, also we will inspect large state-owned organizations,” – he said.
Asadov added, that the inspection mode will be different. In particular, the Accounts Chamber plans to carry out parallel and joint inspections, aided by the Ministry of Finances, Ministry of Taxes and other state structures. “We began such inspections last year and we will continue them this year. We also plan to involve experts in carrying out inspections,” – Asadov noted.
