OREANDA-NEWS. On March 27, 2008 the World Bank approved a \\$11 million Corporate And Public Sector Accountability Project (CAPSAP) for Azerbaijan that aims at strengthening accountability and transparency in financial reporting for public and corporate sectors in line with international best practices. The key beneficiaries are the Public Interest Entities including State-Owned Enterprises, the Chamber of Accounts, the Chamber of Auditors, the Ministry of Finance, and accounting and auditing professionals and other stakeholders in Azerbaijan, reported the press-centre of World Bank.
 
The CAPSAP consists of four components:
 
The Corporate Sector Accountability component will help the corporate sector including state-owned enterprises, to implementing appropriate accounting standards and to strengthen the statutory audit function.
 
The Public Sector Accountability component will enhance public sector accountability through implementation of the Government’s public sector accounting reform strategy. This will help improve accountability to stockholders and information supply for management of budget organizations and off-budget state funds. The project will also focus on strengthening the public sector internal financial control (PIFC) framework that will help minimize the probability of the occurrence of fraud, error or inefficient and uneconomic practices. Another focus area of the project is strengthening the capacity of the country’s Supreme Audit Institution, the Chamber of Accounts (CoA), to increase transparency and accountability in managing public resources.

The Strengthening accounting, auditing and financial management capacity component will build long-term capacity in accounting, auditing and financial management.  It will include establishing the creation of an Azerbaijan Center for Professional Accounting Training Education and Research (ACPATER) which will have broad responsibility for strengthening Azerbaijan’s accounting, auditing and financial management capacity.

The Project Management component will provide support to the Government to implement the project. 
 
Azerbaijan joined the World Bank in 1992. Since then, commitments to the country total approximately US\\$ 1, 548 million for 39 operations.