Audit Board Activity Report 2024
The annual activity report details the Audit Board's composition and responsibilities in 2024. It outlines the Audit Board's activities, identifies key issues, and presents related recommendations.
The EIF Audit Board
Roles and responsibilities
Providing oversight
The Audit Board has the statutory responsibility of auditing the accounts of the EIF. Each year, it certifies that, to the best of its knowledge and judgement, our operations comply with the EIF Statutes (Article 22) and the Rules of procedure (Article 17).
Confirming compliance
Furthermore, the Audit Board checks that our activities follow sound banking or commercial principles and practices, and that the financial statements fairly represent the EIF’s assets, liabilities, and annual results based on the operations of the financial year under review.
Endorsing results
In fulfilling its tasks, the Audit Board may also rely on using additional external auditors, as outlined in the Rules of procedure (Article 19). The General Meeting takes note of the conclusions of the Audit Board before approving the EIF Annual Report.
Members of the Board
The Audit Board consists of six members, nominated by the shareholding groups as follows: three members nominated by the EIB, two members nominated by the European Commission, and one member nominated by the Financial Institutions shareholders. They are appointed by and accountable to the General Meeting. Their term of office is for six consecutive years, allowing for one member to be replaced each year.
More on the EIF Audit Board
Key documents
Audit Board
Meeting calendar
Here is an overview of the planned EIF Audit Board meetings for the remainder of 2025. In line with the Audit Board Charter, these shall take place at least four times a year. Dates may be subject to modification.
Internal audit at the EIF
The EIF’s Audit Board also coordinates and creates synergies between the activities of the external auditor and the EIF's internal audit functions. In this context, the EIF has contractually agreed with the EIB that the EIF's internal audit will be performed by EIB’s Internal Audit service. The Internal Audit Charter defines the mission, scope and procedures associated with the EIB Group's internal audit.
Further cooperation
In addition, as both a European Union body and a financial institution, the EIF cooperates with other independent control bodies such as the Internal Audit of the European Commission and the European Court of Auditors entrusted with such tasks under the Treaty of the European Union and other regulations. The deployment of EU financial resources managed by the EIF management is subject to controls by the European Court of Auditors.