Audit Board

The Audit Board has the statutory responsibility of the audit of the accounts of the Fund. It confirms on an annual basis that, to the best of its knowledge and judgement, the operations of the Fund have been carried out in compliance with the formalities and procedures laid down in the EIF Statutes (Article 22) and Rules of procedure (Article 17) and are based on sound banking principles or other sound commercial principles and practices as applicable to the EIF, and that the financial statements give a true and fair view of the financial position of the Fund as regards its assets and liabilities, and of the results of its operations for the financial year under review. In order to discharge this duty, the Audit Board may have recourse to external auditors, as stated in the Rules of procedure (Article 19).

The Audit Board shall consist of six members, nominated by the shareholding groups as follows: three members nominated by the EIB, two members nominated by the European Commission and one member nominated by the Financial Institutions shareholders. The Audit Board members are appointed by and accountable to the General Meeting. Their term of office is for six consecutive years, allowing for one member to be replaced each year, and is not renewable.

An Annual Report from the Audit Board to the General Meeting provides a summary of the Audit Board’s activities during the past year and of its opinions on the financial statements. The General Meeting takes note of the conclusions of the Audit Board before approving the EIF Annual Report.