Audit Board Activity Report for the financial year 2014

    Release date: 11 May 2016

The Audit Board has the statutory responsibility of the audit of the accounts of the European Investment Fund (EIF). For its findings it relies on amongst others the work and opinion of an external auditor (KPMG). On the basis of the audit work carried out, the external auditor has issued an unqualified opinion on the financial statements for 2014 financial year.

Complementary to this primary responsibility, the Audit Board must also give assurances that the operations of the EIF are carried out in compliance with the Statutes and Rules of Procedure. To this end it relies on the management assurance statement on the internal control system, the work carried out by different internal functions such as Internal Auditors, Risk Management and Compliance & Operational Risk and the assurance received from the External Auditor.

On the basis of the audit work carried out and the unqualified opinion given by the External Auditor, the assurance statement provided by EIF Management and the reporting received from other control functions the Audit Board has issued a positive statement on the financial accounts of the EIF for 2014.



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