Special Report 3/2019

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

The main objectives of the audit were to assess: a. the completeness and reliability of the accounts, b. the legality and regularity of the underlying transactions as well as the design of the existence and operation of the internal controls governing the operation of the accounts, c. the effective or non-effective functioning of the internal control system, d. the adequacy of the information system and the quality policy and e. the effective and efficient coverage of research policy needs.

The main conclusion of the audit is the almost one-dimensional financing of the action of travel for participation in conferences within the framework of research policy. A number of shortcomings were further identified as a result of weaknesses, notably in the internal control system.

The most important findings concern: a. revenues (weaknesses in their correct representation and fullness), b. fixed assets (non-physical inventory, inaccurate accounting), c. the information system (upgrade), d. non-moving customer balances and time delays in loans from project to project without creating an impairment of bad debts, e. the risk of loss of revenue due to non-booking of the gross revenues of the Teaching Research Staff.

Recommendations: a. the strengthening of internal control system, b. the systematic training and training of personnel, c. the improving of the procedures for managing receivables with a view to the accuracy and completeness of revenue, d. cooperation with the legal adviser, e. strengthening accounting monitoring with a view to more complete and objective information to users of financial statements, f. upgrading the configuration of the IT system, g. establishment of an information system for monitoring, managing and evaluating research policy.

The Hellenic Court of Audit will carry out a follow-up audit.