Auditing Team confirmed the efficiency of execution system regarding the approved budget of the TRACECA member states for 2017

07.02.2018

As a result of the audit held on 30-31 January 2018 there was established the correspondence between the expenditures and the budget for 2017 approved at the Twelfth Annual IGC TRACECA Meeting by the Chairman of the Intergovernmental Commission (IGC) TRACECA, held on 1 June 2016 in Odessa, Ukraine.

Annual audit confirmed the compliance of the activity of the Permanent Secretariat IGC TRACECA with international standards and general accounting principles of IFRS (International Financial Reporting Standards), validity and consistency of income and expenditures which evidences the successful operation of the management system, quality, efficient and economic execution of the PS budget.  

In addition, in 2017 it was recorded some decrease of the cost of the budget of the PS IGC TRACECA in comparison with previous years. 
The auditing team which carried out a budgetary review for 2017 financial year consisted of the representatives from the Republic of Azerbaijan and the Republic of Turkey.

It should be noted that at the beginning of the financial year the auditing team conducts the financial audit of the PS budget execution in accordance with the Agreement on Joint  Financing of the Permanent Secretariat IGC TRACECA between the Governments of the Parties to the MLA on international transport for development of the Europe-the Caucasus-Asia corridor of 21 April 2005, the Temporary Regulations for the Work of the Auditing Team of the PS IGC TRACECA of 2-3 May 2008 and the Final Resolutions of Annual Meetings of the IGC TRACECA.

On the outcomes of the audit there was signed the Annual Report to be submitted for consideration to the regular Meeting of the Intergovernmental Commission TRACECA in Yerevan, Armenia.

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Permanent Secretaritat of the IGC TRACECA