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Monaco's Supreme Audit Committee To Increase Scope Of Activity,
by Ulrika Lomas, for LawAndTax-News.com, Brussels
Wednesday, July 30, 2008
It was announced last week that the Supreme Audit Committee of Monaco, established
forty years ago by article 42 of the Constitution, has had its scope of activities
increased by the publication of a new Sovereign Order.
The order, published earlier this month, supersedes an earlier version, put
in place in 1968 and primarily concerns the powers conferred upon the Committee.
These still centre on, for the most part "the auditing of accounts and
the budgetary and financial management of the State, the Municipality and public
institutions". However, the Committee can now also audit organisations
that benefit from state subsidies, as well as unlisted companies for which the
State holds more than half of the capital.
The “droit de suite” which enables the Committee to extend its
audits to private organisations that benefit from state financing reinforces
its mission to control the financial management of the State, with the latter
becoming increasingly involved via subsidies or holdings.
Another important innovation provided by the Sovereign Order of 2nd July 2008
is the institution of a public report by the Committee. The 1968 legislation
did not provide for any publication of the Committee’s work, although
some publicity was guaranteed by the fact that the National Council had access
to the information and used it in its debates and annual report concerning the
State’s accounts.
The new legislation provides for an activity report to be published in the
Journal de Monaco in which, each year, the Committee will "set out the
main findings and observations" its audits have revealed.
According to a government statement:
"The entry into force of this legislation marks an important step for
the Principality’s Supreme Audit Committee. It is essential that the Committee,
which is a member of international organisations of supreme audit institutions
(Intosai, Eurosai, AISCCUF) fully complies with the criteria the latter recommend
and which provide for the obligation to present and publish every year a report
on the results of their activities."
"The increased scope of activities of the Supreme Audit Committee and
the obligation to establish an annual public report independent of its other
reports, are supported, in the new Sovereign Order, by increased resources:
a secretary general and, in particular, the possibility of using the services
of experts for any auditing needs. The provisions are also aimed at reconfirming
the Committee’s independence, as far as its budgetary status is concerned
(classified among the “bodies corporate”) as well as the oath its
members take "before the Prince to fulfil the mission with which they are
entrusted with enthusiasm, impartiality and with total independence”."
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