1 Auditing the Financial Crisis Kees Vendrik, vice president NCA.
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Transcript of 1 Auditing the Financial Crisis Kees Vendrik, vice president NCA.
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Auditing the Financial Crisis
Kees Vendrik, vice president NCA
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Scope and Stage: the Focus of SAIs
• EU as an institution and EU measures serve as context ànd object of activities
• Wide range of SAI activities; not only audits but also enhanced monitoring and websites (creating insight/overview)
• (National) financial stability and fiscal sustainability are key
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Scope & Stage: Different Aspects
EU
- Enhanced fiscal discipline
- Banking Union
- ESM & EFSF
-Development monetary policy ECB
Institutional aspects
- Impact fiscal discipline c.a. on national budgetary cycle
- Accountability & control EMU-data
- Supervision financial sector
- Accountability arrangements ESM, EFSF
Financial & budgetary aspects
- (Insight in) spending cuts
- (Insight in) risks to public finance
- Interventions in financial sector
- Dutch exposure to ECB, ESM, EFSF operations
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Insight in spending cuts: measures taken
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Insight in spending cuts: budget and effects
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What risks do public finances face? (1)
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What risks do public finances face? (2)
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Credit crisis: what measures have been taken?
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And now our more specific EU activities:
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Role of SAI’s?
Providing information for good decision making
Role upfront, to secure accountability arrangements
Visualisation!