Audit and Controls

EIF’s principal audit and control mechanisms include both internal and external auditors, the activities of which are coordinated by the Audit Board.

EIF Internal Audit examines and evaluates the relevance and effectiveness of the internal control systems and the procedures involved whilst the external auditors provide assurance on the financial statements.

In addition, 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 EU resources under EIF management, is also subject to control by the European Court of Auditors.

In relation to the European Commission's shareholder participation in EIF, the Court of Auditors operates within a specific tripartite agreement providing a framework for the audit of the participation's value. The Audit Board annually confirms that, to the best of its knowledge and judgement, the operations of the Fund have been carried out in compliance with the formalities and procedures laid down in the Statutes and the Rules of Procedure, and that the financial statements give a true and fair view of the financial position of the Fund as regards its assets and liabilities, and of the results of its operations for the financial year under review. This information is included in the Annual Report submitted by the Board of Directors to the General Meeting.


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