President Ilham Aliyev has signed a law amending the legislation on the "Budget System," the "Chamber of Accounts," and "Insurance Activity," following the adoption of these changes by the Milli Majlis (National Assembly) on July 10.
Operative Information Center-OMM reports that the new legislation grants the Chamber of Accounts expanded authority regarding the Nakhchivan Autonomous Republic and access to information classified as insurance secrets.
Under the new amendments, the Chamber of Accounts is now empowered to provide expert opinions on the draft budget and execution reports of the Nakhchivan Autonomous Republic, as well as on relevant legislative drafts and annual reports. Furthermore, the institution will exercise oversight over extra-budgetary state funds, special-purpose state funds, funds of public legal entities, state-guaranteed loans, state grants, technical assistance, and the extra-budgetary resources of budget-funded organizations within the autonomous republic.
Additionally, the Chamber of Accounts will gain access to information previously classified as insurance secrets held by professional participants in the insurance market, enhancing its ability to conduct comprehensive financial audits.
The Chamber of Accounts of the Republic of Azerbaijan serves as the supreme audit institution responsible for external state financial control. By monitoring the efficient and transparent use of state funds, the Chamber plays a critical role in ensuring fiscal discipline and accountability across government institutions, including those operating within the Nakhchivan Autonomous Republic.
