Audit updates: November 2016

In this month’s audit updates EU ignore state aid rules, EY fined $9.3m over US client relationships, CIIA to review internal audit code for financial services, PwC Switzerland wins FIFA audit

Countries ignore EU state aid rules

The audit authorities in individual EU member states are not doing enough to monitor and identify potential infringements of the state aid rules in their financial reporting of key projects, according to a report from the European Court of Auditors (ECA) which identified problems with 20% of the projects assessed.

The ECA says the problem is particularly acute in the area of cohesion policy and calls for changes in the way projects are approved and monitored.

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