Audits and reporting
Good governance is one of the major guidelines of the Regional Cooperation Council (RCC) Secretariat making sure the received funds are managed in a proper and efficient manner.
The RCC prepares an annual financial report which is submitted for consideration of the RCC Financial subcommittee, consisting of all RCC Board participants.
Additionally, in accordance with the internal rules and regulations, defined in the Financial Management Manual, the RCC is a subject to several internal and external audits each year, including the full scope audit.
RCC also undergoes annual expenditure verification audit in line with the European Commission contract and is engaged in unannounced system audits and verifications on behalf of European Commission and in accordance with the General Terms and Conditions of RCC contracts with the EC.
With a goal to provide an assurance on the accuracy of financial information, adequacy of the systems of internal control in the organisation, its compliance with laws and regulations, and efficiency of its operations, RCC subjects itself to internal audits.
RCC Secretariat’s financial statements, including financial accounting, monitoring, reporting, management system, documenting, records, fund utilisation, etc., are annually subjected to external audits in accordance with the Financial Management Manual and additional special requirements issued by the RCC Board.
In 2022 the latest system audit was done by Mazars and the report issued on 17 October 2022 shows no disparity to internal and external regulations RCC Secretariat runs on.
In the past RCC has been audited by international world-renowned audit companies including:
All external and internal audit reports showcase complete accordance of RCC procedures, results and fund utilisation with laws and both international and internal regulations.