Tag: Italy

The model of jurisdictional supreme audit institution (SAI) is recognized as that of an institution which is able to carry out all types of audit – performance, compliance, and financial audits – and, in addition, is invested with the power to issue formal rulings directly sanctioning the liability of managers of public funds when its audit findings show some irregularities, or when such irregularities are referred to the SAI by a third party.

The European Union needs a strong protection of its funds in order to ensure its administration, and to allocate resources to the Member States or other beneficiaries, for the implementation of its own policies. Both tax evasion and illicit conduct resulting in the receipt of undue funding or the diversion of such funds from their intended purposes cause damage to the European Union (EU)’s treasury.