Ilham Aliyev signed a law on expanding the powers of the Chamber of Accounts

President Ilham Aliyev signed a law on amendments to the laws of the Republic of Azerbaijan "On the Budget System," "On Insurance Activities," and "On the Chamber of Accounts."

This was reported by Azertag.

According to the amendments, the powers of the Chamber of Accounts of Azerbaijan are expanded with regard to the budget of the Nakhchivan Autonomous Republic (AR). The Chamber will issue opinions on the draft budget and budget execution of the Nakhchivan AR, as well as on draft relevant laws and annual reports.

Numerous amendments have been introduced to the law "On the Chamber of Accounts," providing for the inclusion of the Nakhchivan AR budget within the scope of activities and state audit of the Chamber of Accounts.

In addition, the Chamber's powers in the area of oversight of insurance activities are clarified. In particular, it is granted access to information necessary for carrying out tasks established by legislation, taking into account requirements for the protection of insurance secrecy.

The Chamber of Accounts has also been granted the right to use the information system created for conducting state audits.

The amendments clarify the status of members of the Chamber of Accounts — they are recognized as state auditors.

Furthermore, the provision of information regarding the Nakhchivan Autonomous Republic is envisaged not only to the Milli Majlis of Azerbaijan but also to the Ali Majlis of the Nakhchivan AR.

The amendments also expand the scope of state financial control by including insurance activities alongside banking activities, and provide for the preparation of opinions on draft budgets and their execution.

In addition, the head of state signed a decree on the application of the law on amendments to the laws "On the Budget System," "On Insurance Activities," and "On the Chamber of Accounts."

According to the decree, the powers of the relevant executive authority provided for by the new Article 8.0.15-1 of the law "On the Chamber of Accounts" will be exercised by the President of Azerbaijan.

This refers to the authority related to the information system created for conducting state audits. In accordance with the law, the Chamber of Accounts owns this system and uses it in its activities.

The decree also establishes that the body (institution) referred to in the relevant article of the law means the President of Azerbaijan.

The Cabinet of Ministers has been instructed to resolve issues arising from the adopted law.