Auditing

The management of the troubled Folli Follie Group has issued a statement indirectly admitting that it is facing problems, while assuring that it continues to meet all its obligations.

One of the Pentagon's largest agencies has lost hundreds of millions of dollars, according to an internal audit released by Politico, FOCUS News Agency reports.

The information was disseminated at a time when US President Donald Trump was preparing to significantly increase the country's military budget.

The Independent Public Revenues Authority (AADE) issued a directive to all the tax officers across Greece that the priority of their audit targets will change. The new directive calls on tax officials to focus on cases with a track record of higher delinquency and collectible possibility, based on objective risk analysis criteria.

It is the requirement of the state to audit how public money is being spent. Throughout history, states have undertaken this auditing function differently according to the structure, size and culture of their states. 

According to sources, the Greek government has reached a compromise with its creditors on the matter of collecting revenue from undeclared wealth. The recommended plan provides that taxpayers who voluntarily disclose undeclared wealth will be charged between 50 and 60% of the difference emerging after a tax audit on bank deposits and declared wealth.

The Turkish Court of Auditors has not announced its annual audit reports publicly, reversing the practice of releasing detailed reports in the past, raising concerns about transparency in public spending. 

The Bulgarian National Bank says it has selected through public procurement Deloitte Bulgaria as the auditing company to assess the quality of assets in the banking system.

Other two contenders who had placed an offer were Oliver Wyman GmbH and Mazars LLP.

UK-headquartered multinational Ernst & Young has been selected by the Bulgarian National Bank to become its international auditor for 2015-2017, the institution has announced.

On an annual basis, the consolidated financial report of BNB has to be verified by an international auditor chosen through a public procurement procedure.

A group of independent auditors hired by Albania's electricity distribution network operator OSHEE, to audit its financial statements for 2014, has refused to give an opinion, noting inconsistencies in the data.

The unaudited financial statements of the company shows that in 2014 revenues jumped to 47.2 billion leks (?337 million) from 37.7 billion leks (?269 million) in 2013.

The State Audit Institution (DRI) will start auditing the financial reports of political parties at the beginning of June.

DRI President Radoslav Sretenovic made the announcement on Monday.