Audit

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.

An audit report of the Ministry of Education showed that one single company has won all construction orders for the Medical University during the term in office of its former dean - Professor Vanyo Mitev.

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. 

Economy Minister George Stathakis and State Minister Alekos Flambouraris have been refered to the assets declaration committee of Greek Parliament’s auditors for further investigation into their wealth statements.

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.

Economy Minister George Stathakis is believed to be the minister who did not declare a million euros worth of assets to the auditors of Greek Parliament for the last three years. The same sources state that prior to the September 20 elections, he had tried to “tidy” up his assets declaration with an additional statement.

The State Audit Institution (DRI) presented to the SNS, SPS and the DS draft reports concerning the audit of their financial statements for 2014.

The Supreme State Audit said in a statement on Saturday that Seferi, former director of Albania's electricity distribution network operator OSHEE, and two other former high-ranking officials at the form are being referred to prosecutors for further investigations after an audit found procedural irregularities in procurements of electricity from private companies in 2014.

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.

Bulgaria's government has approved a draft Accountancy Act envisaging anti-red tape provisions.

The bill complies with the EU Directive on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, according to a media statement of Bulgaria's Council of Ministers.