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Title: The auditing of EU framework programmes in Malta : an analysis
Authors: D'Anastasi, Stephania
Keywords: Auditing -- Malta
Auditing -- European Union countries
Issue Date: 2011
Abstract: Purpose: The aim of this study is to analyse the different risks and audit procedures that EU Framework Programmes (FPs) entail when compared to statutory audits. Procedures performed will be analyzed in the light of FP regulations. The research will also investigate participants' perception to auditors' work. Design: The objectives of this research study were accomplished by conducting thirty structured interviews with FP Participants and nine semi-structured interviews with FP Auditors. Findings: The study shows that auditors consider FP Engagements as less risky than statutory audits. However, appointed auditors should still provide high quality service so not to deter their high reputation. FP regulations alter some audit procedures which are normally conducted in statutory audits. This highlights the importance that auditors should be highly acquainted of FP regulations. Moreover, the specific nature of FP projects restricted auditors in adequately comprehending FP projects and consequently limited their ability to provide their clients with an added value. Consequently, few participants acknowledge auditors' valuable work and generally appreciate that appointed auditors are more knowledgeable of FP regulations. Conclusion: FP regulations are essential ingredients when issuing FP Certificates as additional audit risks and diverging audit procedures emerge from FP regulations. Since public funds are involved, controls are considered vital. Nevertheless, the right balance should be sought so not to trigger malpractice or discourage participation. Value: This study should contribute in highlighting the differences of FP engagements to statutory audits and identify areas in which auditors' role can be enhanced. Further, the proposed recommendations address improvements in FP regulations for the coming FPs. Amongst its major recommendations, it is proposed that auditors' role in FP projects should be shifted to appropriate professionals, who are highly knowledgeable of EU and FP regulations.
Description: B.ACCTY.(HONS)
Appears in Collections:Dissertations - FacEma - 2011
Dissertations - FacEMAAcc - 2011

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