Audit Board
The independent external auditors report directly to EIF's Audit Board to whom they advise each year their work programme and the coordination of their activity with that of EIF's Internal Audit.
In 2008, following the decision by the Audit Board to pursue a common audit firm with European Investment Bank (EIB), a Group Joint invitation to tender exercise was launched. This was made possible by the existence of a termination clause foreseen for this event in the current external audit contract. A restricted tender procedure in accordance with the current EU legislation was chosen and the Group Joint invitation to tender exercise was launched in June 2008. At the end of the various steps in the tender process the Award Panel (EIB Audit Committee and EIF Audit Board) made their final evaluation and recommended awarding the contracts to KPMG s.à.r.l.
The EIF Audit Board and the EIB Audit Committee followed the consultation procedure required by their respective Rules of Procedure and KPMG s.à.r.l. were awarded the contracts for a period of four years, commencing with the audit of the financial statements of EIF for the year ending 31 December 2009, with a possibility of an extension for no more than three years.
The role of EIF's Audit Board is to verify that EIF's investments have been conducted in compliance with the procedures laid down in its Statutes, the Rules of Procedure and other guidelines that its books have been kept in a proper manner.
EIB Group Internal Audit
The EIB Group Internal Audit cater for audit needs at all levels of management of the EIB Group, acting with the guarantees of independence and of professional standards conferred upon it by its Charter. Internal Audit examines and evaluates the relevance and effectiveness of the internal control systems and the procedures involved.
Independent control bodies
As both a European Union body and a financial institution, EIF cooperates with other independent control bodies such as the Internal audit of the European Commission and the European Court of Auditors entrusted with such tasks under the Treaty or other regulations.
The European Court of Auditors is responsible for examining the accounts of all revenue and expenditure of the European Union and the results of its audits are published. Whilst EIF has its own independent external audit structure, the deployment of European funds under mandates, such as the Competitiveness and Innovation Framework Programme, is also subject to control by the European Court of Auditors.
In January 2007, the successor Tripartite Agreement between EIF, the European Commission and the European Court of Auditors defined the procedures for providing the European Court of Auditors with the documents and information relating to its audit of the value of the European Union's subscription to EIF's capital.
OLAF (European Anti-Fraud Office)
The EIB Group has a legal framework for full cooperation with OLAF (European Anti-Fraud Office). EIB and EIF have taken steps to adapt internal rules and procedures to ensure optimal cooperation with OLAF in the fight against fraud and corruption.
