Special Report 2/2019

Financial audit on the Special Account for Research Funds of University of Crete

The audit assessed for the reference year the reliability of the transactions of the Special Account, their legality and regularity in accordance with the principle of sound financial management and the framework of internal administrative controls to ensure the achievement of the objectives of the Special Account and compliance with the applicable legislative and regulatory framework.

The audit highlighted weaknesses in administrative controls and in the criteria of economy and efficiency in the procedures for managing: a. revenues, b. expenditures, c. liquidity facility requests, research programmes d. staff contracts, e. procurement/ service tenders.

The Hellenic Court of Audit made recommendations on this (e.g. standardisation of procedures, establishment of administrative controls) and will carry out a follow-up audit.