Financial audit

The objective of financial audits is to guarantee accurate and exhaustive financial reporting, resulting in improved financial management of the whole public sector and providing a sound basis for performance auditing.

When financial audits were first introduced, their aim was to verify whether or not the financial reports of agencies give an adequate overview of their actual financial situation. For the first time this year, the Office also provides an assessment of the legality of the transactions performed by agencies. The scope of financial auditing will be further extended to evaluate expenditure information, financial management, internal control systems and te accuracy of data provided by management reports.

All Ministries are subject to annual auditing while their more important divisions, as well as constitutional institutions, are audited selectively. The agencies subject to selective evaluation are actually audited on a regular basis to guarantee that all the largest and most important agencies are supervised. In addition to the above, the correctness of other reports (e.g. on health insurance and pensions) used for providing an opinion on the consolidated annual report of the state is verified.

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