On 28-29 January 2020 the Audit on the execution of the PS IGC TRACECA Budget for 2019 financial year approved by the TRACECA member states

During the audit of the financial activity of the PS IGC TRACECA in the current year the Auditing Team checked the execution of all income and expenditure items, as well as maintenance and execution of the accounting records. 

It should be noted that in compliance with the Agreement on Joint Financing of the Permanent Secretariat of the IGC TRACECA between the Governments of the MLA Parties on International Transport for Development of the Europe-the Caucasus-Asia Corridor as of 21.04.2005, Temporary Regulations for the Work of the Auditing Team of the PS IGC TRACECA as of 03.05.2006 and the Final Resolutions of the IGC TRACECA Annual Meetings at the beginning of each year, at the PS, the audit on the budget execution is held. 

On the results of the audit for 2020 the representatives of the Auditing Team signed the Annual Report containing the experts’ conclusions, analysis, results, as well as the recommendations both for the expenditure part of the Budget for 2019 and the general recommendations to be submitted for consideration at the next Meeting of the Intergovernmental Commission TRACECA, in Sofia, the Republic of Bulgaria.

The analysis of the experts’ group established that the relevant documents containing financial accounting of the Permanent Secretariat of the IGC TRACECA submitted for consideration of the auditors were made in accordance with general accounting principles, International Financial Reporting Standards (IFRS), the requirements of the national legislation in compliance with the provisions stated in the Headquarters Agreement between the PS IGC TRACECA and the Government of the Republic of Azerbaijan.