The Supreme Audit Office of the Slovak Republic (SAO SR) carried out an audit in which it investigated how the entities of territorial self-government managed its property participation in commercial companies.

The reason for the audit was a large number of assets that municipalities reported as shares in commercial companies as well as serious deficiencies found during previous audits carried out by the Office in this area of municipal activity. The audit was performed in 50 municipalities with ownership interests in 168 commercial companies.

The audit examined the long-term financial assets of the municipalities worth EUR 227.03 mil. The audited period was 2015, respectively, the period from 2013 to 2015 for selected, audited areas (activities of the company bodies and control activities).

EUROSAI TFMA unites supreme audit institutions of 28 EUROSAI countries, which are interested in audits of municipalities. The chair of EUROSAI TFMA is the National Audit Office of Lithuania (NAOL) and it also hosts the Secretariat which coordinates the activities of the task force.

In this strategic period, the EUROSAI TFMA Secretariat initiated a new activity – to publish the EUROSAI TFMA Audit Compendium. This audit compendium, as a new type of product, should complement the audit results by raising awareness of recent audit work by the EUROSAI TFMA countries and would make the results of SAIs work more widely available.

The topic of this first EUROSAI TFMA Audit Compendium “Municipality-owned companies” was approved by all members at the 2nd Annual Meeting held in November 2018 in Belgrade.

Read complet Audit Compendium in its entirety here.