Special Report 7/2019

2019-07-13 00:00:00

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

The main objectives of the audit were to establish: 1. the correct and accurate representation of the items, events and transactions under control in the financial statements, 2.if the internal control system complies with the applicable legislative and regulatory framework, it functions properly and gives reasonable guarantees of: a.the legality and regularity of the underlying transactions, b. the safeguarding of assets and information, c. prevention, detection, correction and investigation of fraud and irregularities,3.if the transactions are legal and regular and comply with the principle of sound financial management.

The audit highlighted weaknesses and shortcomings in the internal control system which in some cases are particularly judged because of the risk of waste, irregularities or even abusive acts they involve. This, combined with the complexity and ambiguity of the legislative framework, poses risks relating to the legality, regularity, incorrect accounting monitoring and ultimately to the effectiveness and efficiency of the operation of the ELKE.

In summary, the findings and findings identified during the audit relate mainly to the following: a. non-legal direct award of contracts for the acquisition of fixed assets, b. failure to carry out a physical inventory of fixed assets, c. failure to keep a l book for the recording of non-consumable materials, d. time delay in settling advances, e.  failure to keep a register of commitments, f. failure to carry out bank reconciliation e. reconciliation problems, g. inability to track chronological coming of age obligations, h. accumulation of uncollective receivables, i.no provision has been formed, j. irregularities in the tender procedures, k. unlawful payment of travel expenditures, l. incomplete supporting expenditures, m.non-legal deductions, n. unlawful retroactivity to contracts and unlawful extension of such.

Recommendations: a. establishment of an internal control unit, b. systematic staff training, c. updating of an organizational chart, d. drawing up a project report, e. better planning of procurement, f. carrying out a physical inventory of fixed assets, g. Mobilizing the recovery of claims, h. monitoring the settlement of advances, i. making provisions, j. following procedures for legality and regularity of money orders.

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

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