Rigorous financial oversight ensures transparency for COP29 preparations

Preparations for the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change are advancing with meticulous financial oversight.
 
The COP29 Azerbaijan Operating Company has announced that comprehensive monitoring of the event's financial turnover is underway, in collaboration with the supreme audit institution of the country, Caliber.Az reports.

The costs for COP29 are funded by the state budget. These funds are allocated to ensure a high standard of organization for this significant global event and to establish the necessary infrastructure.

To ensure proper utilization of public funds, the supreme audit body, along with relevant state agencies, is rigorously assessing the compliance of the expenditures with approved budgets and contract terms. This includes verifying that the funds disbursed align with the amounts specified in the contracts and that financial management and documentation adhere to established standards.

The audit aims to prevent financial irregularities and uphold the principles of pre-audit, ensuring accountability and transparency. It also focuses on the efficient use of allocated funds and the return of any surplus to the state budget.

Following the conclusion of COP29, both the international organization involved and the Chamber of Accounts will compile a detailed report and audit opinion on the financial expenditures. This final report will provide a thorough review of all financial activities related to the event, reinforcing transparency and accountability in the management of public funds.