Board of Auditors submits annual public report

On 17 June 2016, the Chairman of the Board of Auditors submitted to H.S.H. the Sovereign Prince its annual public report for 2015. The report was approved by the Principality’s supreme public auditing institution on 25 April 2016.

In accordance with the Sovereign Ordinance dated 2 July 2008, the report details the activities of the Board during the preceding year (Chapter I). It also analyses the reports presented during the year.

For the most part, the Board focused on auditing the accounts and financial and budgetary management of the State. In this respect, the Board completed its audits and presented its report on the 2013 fiscal year, which is summarised in Chapter II. Most notably, it conducted and virtually completed audits for the 2014 fiscal year.

Chapters III and IV analyse, respectively, the reports approved by the Commission in 2015, following audits of the accounts and management of the Louis II Stadium (for the fiscal years 2009 to 2013) and of the Social Protection Unit and Social Services (fiscal years 2007 to 2013). During the year, the Board of Auditors carried out and made considerable progress with the audits of two other public institutions: the National Museum and the Monaco Scientific Centre.

The Board also experienced some organisational changes, with a new Chairman and Vice-Chairman taking office in February 2015, delivering both continuity and an injection of new blood in its composition.

This year also saw the establishment, alongside Monaco’s supreme public auditing institution, of the Electoral Campaign Auditing Committee in advance of the 2015 municipal elections. During its meeting on 8 June 2015, the Committee approved the accounts of the two existing lists.

In 2015, relationships with foreign supreme public auditing institutions and multinational associations were naturally maintained, particularly with the AISCCUF (Association des Institutions Supérieures de Contrôle Ayant en Commun l’Usage du Français), the association which brings together French-speaking auditing bodies. The AISCCUF held its General Assembly in Brussels in November 2015, during which the Board of Auditors was able to demonstrate the quality and rigour of Monaco’s public finances.