Azerbaijan's Chamber of Accounts reveals embezzlement in last year

In 2023, as a result of the control measures conducted by the Chamber of Accounts, embezzlement amounting to 1 billion 252.6 million manats was discovered in financial reports compared to 2022 - an increase of 57%. Azernews reports that this is indicated in the report on the Chamber's previous activities.

The document states that deficiencies identified in financial reporting can be classified into two groups. The first group includes significant embezzlements such as the absence of information reflected in financial reports, while the second group encompasses failures to adhere to accounting principles, inaccuracies in accounting entries resulting in amounts not being accurately and appropriately reflected.

The embezzlement amount totals 661.5 million manats for the first group and 591.1 million manats for the second group. These amounts are relatively 17.2% and 2.5 times higher compared to a year ago.

The main directions of significant embezzlement in financial reporting and accounting include failure to record assets, direct deletion of expenses, failure to recognise liabilities, failure to recognise income and expenses, and other discrepancies in financial report elements within the budget.