They need to ensure that their audit methods are up-to-date, accurate and capable to uncover bad governance so that they can recommend innovative and adequate solutions.
Old threats in a new environment
Due to the expanding of responsibilities and new fields of activities, public sector auditors need to extend their know-how on a daily basis. At the same time, fraud and corruption remain the biggest threat to a proper functioning of public institutions. The European Academy for Taxes, Economics & Law supports internal and external auditors by providing the high-quality practical seminars and trainings in key issues such as:
Extend your expertise by participating in the various events held by the European Academy for Taxes, Economics & Law in this area.
See our range of training opportunities in EU Funding here.
Fraud and corruption in the public sector heavily harm the economy, lower investment levels and reduce public finances. Anti-fraud and anti-corruption strategies are often not effective enough and damages done to public institutions and their budgets by fraud and corruption can be enormous ranging from financial loss to reduction of organisational performance, reputation, credibility and public confidence.
Whether internal or external, strategic, financial, operational or reputational risks – these can significantly hinder the work of your authority. In the current economic and financial context the lack of an adequate approach to risk management is an enormous and real threat to the work of any public administration, since nowadays work efficiency and effectiveness in the public sector are more important than ever before. For that reason, it is of extreme importance that public authorities do not rely solely on their intuition in dealing with risks, but use professional formalised risk management as an integral and ongoing part of their general management process.
In current times of tight public budgets, public administrations must set and achieve their goals in the most effective, efficient and economical way. This new obligation also alters the responsibilities of auditors in the public sector. To ensure that public institutions operate most efficiently and effectively, auditors can no longer focus on their traditional task of financial audits.
Many authorities within the management and control system of EU Funds still face considerable difficulties and uncertainties when it comes to detecting and handling (suspected) fraud cases. They are presented with the challenge of distinguishing these cases from irregularities as well as identifying necessary actions.
In times of austerity, audits of public procurements have gained in importance. However, practitioners from public administrations often find auditing public procurement processes to be one of the most challenging and complex fields to audit. Misspent public money in low quality services and goods can endanger both the financial and operational integrity of an organisation.