Decision ID: 003729

In October 2010 the 1971 Fund Administrative Council considered recommendations made by the joint Audit Body regarding the external audit appointment process.  It decided, inter alia, not to endorse the Audit Body’s recommendation that there should be no automatic periodic competitive tenders for the external audit appointment for the Funds unless there was a breakdown in the audit relationship, but that the external audit relationship should continue to be kept under regular ongoing review by the Director and the Audit Body.

The Council further decided that the Director and the Audit Body should both report to the governing bodies from time to time on this matter and that Member States should use those reports as the means of monitoring the nature of the ongoing relationship.

Categories: Administrative matters, Financial matters
Subjects: External Auditors, appointment & activities, Appointment & activities of the Funds' External Auditors, Establishment, election and activities of the Audit Body