The Cabinet of Ministers at a meeting on Wednesday approved the provision of the operation of the Financial Supervision Office, according to a posting on the Finance Ministry's website.

"According to the approved document, the Financial Supervision Office will exercise oversight in ministries, other executive authorities, public funds, compulsory public social insurance funds, budget-sustained institutions, business entities of the public sector, as well as enterprises, institutions and organizations that receive or received funds from budgets of all levels, public funds and funds from compulsory public social insurance or use state-owned or municipal property," the Finance Ministry said.

According to the report, the Office will also take supervision measures in business entities regardless of the form of ownership under court decisions.

The office will be responsible for verifying the use of public financial resources, fixed assets and other assets, including targeted, efficient and effective use of local and national budget funds, as well as compliance with legislation at all stages of the budget process and procurement.

In addition, the competence of the Office includes checking the intended use and timely repayment of government guaranteed loans (local guarantees), as well as the implementation of investment projects supported by international institutions, the finance ministry said.

The Office will also focus on the state and reliability of accounting and financial reporting.