External Auditors
The independent external auditors report directly to the Audit Committee, which they inform each year of their work programme and of the coordination of their activity with that of the Bank's Internal Audit.
The firm Ernst & Young was first appointed by the Audit Committee in 1997, after consultation with the Bank's Management Committee. The contract was renewed for a 3-year period commencing in 2002. Following a competitive tendering procedure, Ernst & Young were again selected by the Audit Committee to provide the Bank with external audit services under a four-year contract commencing 1 January 2005.
All non-audit services provided by Ernst & Young to the EIB Group are approved by the Audit Committee.
The following table identifies the services provided by Ernst & Young in relation to the year 2006, and the associated fees paid (EUR).
| Work undertaken by E&Y on behalf of, or at the request of EIB | Fees paid by | Total fees on work commissioned by EIB | ||||
|---|---|---|---|---|---|---|
| EIB | Investment Facility | FEMIP Trust Fund | Guarantee Fund | EC (for audit work on mandated operations) | ||
| Audit of the financial statements – recurring and non-recurring | 397,665 | 24,440 | 7,000 | 28,530 | 35,800 | 493,435 |
| Support work: | ||||||
|
3,130 | 3,130 | ||||
|
47,488 | 47,488 | ||||
|
138,105 | 138,105 | ||||
| Total | 586,388 | 24,440 | 7,000 | 28,530 | 35,800 | 682,158 |