the EU bank

The Audit Committee is responsible for establishing whether the financial statements, as well as any other financial information contained in the annual accounts drawn up by Bank’s management, give a true and fair view of the financial position of the Bank in respect of its assets and liabilities and of the results of its operations and its cash flow for the financial year under review.

The independent external auditors report directly to the Audit Committee, which they inform each year of their work programme and of the coordination of their activity with that of the Bank's Internal Audit. Following a competitive tendering procedure, KPMG was appointed by the Audit Committee as the EIB’s statutory auditors.

The European Court of Auditors, according to the EC Treaty, is responsible for examining the accounts of all revenue and expenditure of the Community. The results of audits conducted by the Court are published. Although the Bank has its own independent external audit structure, the deployment of EU public funds or European Development Fund resources managed by the Bank under mandate is also subject to auditing by the Court. A Tripartite Agreement governs cooperation between the Bank, the Commission and the Court of Auditors.

The Inspector General/Fraud Investigations Unit (IG/IN) works in close partnership with the European Anti-Fraud Office (OLAF) to investigate credible allegations of fraud, corruption, collusion or coercion (“prohibited practices”), with regular exchanges of information and cooperation (such as joint investigations) on specific issues. In addition, IG/IN may refer a matter to the appropriate national authorities for further investigation and/or criminal prosecution. This is done in consultation with or with the assistance of OLAF.