Baku: The Chamber of Accounts of the Republic of Azerbaijan conducted an audit as part of its 2025 Work Plan, focusing on the revenues and expenditures related to the preparation and implementation of the COP29 international event. The audit provided a positive opinion on the financial statements prepared by the COP29 Azerbaijan Operating Company.
According to Azeri-Press News Agency, the audit adhered to the international principles outlined in the INTOSAI Framework of Professional Pronouncements (IFPP). It involved a thorough analysis of financial documents, verification of revenue and expenditure reports, assessment of legal compliance, and evaluation of the internal control system’s effectiveness.
The event’s funding consisted of 92.5% from the state budget and 7.5% from other sources. These funds covered operational, construction, service, transportation, equipment, marketing, and other essential expenses, as well as international obligations. A significant portion of the operational costs was allocated to conference venues (65.4%) and content preparation areas (10.2%). Long-term assets acquired post-event, such as vehicles and equipment, were transferred to relevant state institutions.
During the event’s preparation and implementation, service contracts were primarily awarded to non-resident companies from Turkey, Germany, Israel, the USA, and the United Arab Emirates. The audit report commended the financial management while identifying areas for improvement, noting no significant breaches of procurement legislation.
The audit also involved inventorying acquired assets and liabilities, assessing long-term assets’ reusability, verifying handover documents, and emphasizing the importance of reconciling information with counterparties. The positive audit outcome reflects adherence to transparency, accountability, and efficient financial management principles in organizing COP29.