Account Chamber of the Russian Federation

Article 1. Status of the Accounts Chamber of the Russian Federation

The Accounts Chamber of the Russian Federation ( hereinafter the Accounts Chamber) shall be the standing body of state financial control establishing by the Federal Assembly of the Russian Federation and accountable to it.

The Accounts Chamber shall be guided in its activity by the Constitution of the Russian Federation, the present federal Law, other laws of the Russian Federation. The Accounts Chamber shall possess organizational and functional independence within the limits of the objectives determined by the effective legislation of the Russian Federation.

The Accounts Chamber shall be a legal entity, have a seal with the State Emblem of the Russian Federation and its name.

Location of the Accounts Chamber: the City of Moscow.

Article 2. Objectives of the Accounts Chamber

The Accounts Chamber shall have the following objectives:

to organize and exercise control over timely execution of income and expenditure items of the federal budget and federal extra-budgetary funds in terms of volume, structure and purpose;

to determine the effectiveness and expediency of disbursement of state funds and use of federal property;

to evaluate the validity of income and expenditure items of draft federal budgets and federal extra-budgetary funds;

to carry out financial examination of draft federal laws, as well as of standard by-laws of federal bodies of state power envisaging expenditures which are covered by the federal budget or which influence the formation and execution of the federal budget and federal extra-budget funds;

to analyze the revealed discrepancies in the established indicators of the federal budget and federal extra-budgetary funds, and to prepare proposals directed to elimination thereof and to the improvement of the budgetary process as a whole;

to control over the legality and timely movement of resources of the federal budget and federal extra-budgetary funds in the Central Bank of the Russian Federation, banks authorized by it and in other financial and credit institutions of the Russian Federation;

to regularly provide the Federation Council and the State Duma with information on the progress of execution of the federal budget and results of controlling measures being held.

Article 3. Principles of Control

The Accounts Chamber shall exercise control over the execution of the federal budget based on the principles of legality, regularity, objectivity, independence and openness.