Audit Board Activity Report for the financial year 2020

The Audit Board has the statutory responsibility of the audit of the accounts of the European Investment Fund (EIF). For its findings it relies on amongst others the work and opinion of an external auditor (KPMG). On the basis of the audit work carried out, the external auditor has issued an unqualified opinion on the financial statements for 2020 financial year.

Complementary to this primary responsibility, the Audit Board must also give assurance regarding the compliance of EIF operations with the Statutes and Rules of Procedure. To this end, it relies on the management assurance statement on the internal control system, the work carried out by different internal functions such as Internal Audit, Risk Management, Compliance and Operational Risk and the assurance received from the external auditor.

Based on the above, the Audit Board has issued a positive statement on the 2020 financial accounts of the EIF.