Baku: Membership fee increases for institutions affected by the pandemic should be postponed, said Kai Hou, head of China’s Supreme Audit Institution and representative of the ASOSAI Secretariat, APA-Economics reports. Speaking at the 62nd meeting of the ASOSAI Governing Board held in Baku, Kai Hou made an important proposal regarding membership fees while speaking about the financial situation of the organization.

According to Azeri-Press News Agency, Kai Hou highlighted that ASOSAI’s annual fixed income currently amounts to 150,941 US dollars. However, he expressed concern that the 25% membership fee increase planned by INTOSAI would create an additional financial burden for supreme audit institutions affected by the pandemic. Therefore, it is recommended to postpone this increase to alleviate pressure on these institutions.

Kai Hou emphasized the need for solidarity within the organization, noting that some institutions are still in the recovery phase after the pandemic. By postponing the proposed increase, ASOSAI can reduce the financial burden on its members, he suggested.

Moreover, Kai Hou assured that ASOSAI has more than $500,000 in reserves, which is sufficient to finance the organization’s activities for at least the next 3-5 years. This financial stability allows the organization to consider delaying the membership fee increase without jeopardizing its operations.

The issue has been officially discussed on the agenda of the ASOSAI Board of Directors. If the proposal is approved, the increase in membership fees will be postponed to a more appropriate time, reflecting the organization’s commitment to supporting its members during challenging times.