Audit authority as a main element of the European Union funds projects control system

Abstract

As one of prerequisites to ensure successful and efficient management of European Union funds projects, is establishing of management and control system that is able to react and prevent or minimize in a timely manner the risks that endanger implementation of European Union funds, as one of the European Commission's requirements are adequate European Union funds project controls. The Audit Authorities are a main element of European Union funds management and control systems, which would provide assurance to the European Commission that the management and control systems are effective in providing reasonable assurance that the expenditure presented to the European Commission are correct, and, as a consequence, reasonable assurance that the underlying transactions are legal and regular.