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Audit confirms transparent and efficient financial management in organization of COP29 Azerbaijan

27 October 2025 16:00 (UTC +04:00)

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, APA reports, citing the website of the Accounts Chamber.

As a result of the audit, a positive opinion was issued on the financial statements prepared by the COP29 Azerbaijan Operating Company.

The audit was conducted using a methodology consistent with the international principles of the INTOSAI Framework of Professional Pronouncements (IFPP).

The inspection process included an analysis of financial documents, verification of the accuracy of reports on revenues and expenditures, assessment of compliance with the legal framework, and determination of the effectiveness of the internal control system.

92.5% of the event’s revenues were provided from the state budget, while 7.5% came from other sources. The funds were allocated to cover the operational, construction, service, transportation, equipment, marketing, and other necessary expenses of the COP29 Azerbaijan Operating Company, as well as payments for international obligations. The main portion of operational costs was spent on conference venues (65.4%) and areas related to content preparation (10.2%). Long-term assets acquired after the event (vehicles and equipment) were duly handed over for use by the relevant state institutions.

During the preparation and implementation stages, the counterparties for service contracts were mainly non-resident companies operating in Türkiye, Germany, Israel, the USA, and the United Arab Emirates.

The audit report highlighted both the positive aspects of financial management and areas needing improvement. No significant violations of procurement legislation were identified.

Within the framework of the event, the acquired assets and arising liabilities were inventoried, the reusability of long-term assets was assessed, the completeness of handover documents was verified, and the importance of reconciling information with counterparties was determined.

The positive outcome of the audit indicates that the organization of COP29 adhered to the principles of transparency, accountability, and efficient financial management.