PracticeAuditECB controls found to be lacking

ECB controls found to be lacking

EU auditors warn of weak controls in construction of headquarters

The European Central Bank has been told by European Union auditors that there
were weaknesses in controls for the construction of its £362m Frankfurt
headquarters

The EU Court of Auditors said evidence was lacking that best value for money
had always been achieved in tenders and that there were some weaknesses in risk
management, the FT reports.

The ECB plans to convert Frankfurt’s Grossmarkthalle, a former wholesale
market, and build a new office tower. The project is due for completion at the
end of 2011.

Further reading:

EU mulls regulatory reform

Divergent growth trends drive banks’
policy

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

3d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter