AUDIT OFFICE OF THE INSTITUTIONS OF BOSNIA AND HERZEGOVINA

is an external, independent auditor auditing the operations of the institutions of Bosnia and Herzegovina. As an independent institution of Bosnia and Herzegovina, it was founded in 2000. The Audit Office is located in Sarajevo.

The Audit Office, through the audits it performs, provides independent opinions on the execution of the budget and financial statements, the use of resources and the management of state property within the government and public institutions in BiH. Thus, the Audit Office contributes to reliable reporting on the execution of state budget and transparent and quality management of public revenues, costs and property in BiH.

The Audit Office informs the responsible institutions and the public about its findings and recommendations through timely and public disclosure of its audit reports.

The Audit Office is non-political and may not support or be in any relation with any political party.

MANDATE OF THE AUDIT OFFICE

includes, in accordance with the provisions of the Audit Law, all public institutions of BiH, including:

- Parliament;

- Presidency;

- Council of Ministers and budget institutions;

- extra-budgetary funds that may be provided for by the Law;

- funds that, as a loan or grant for BiH, have been provided by international bodies and organizations to an institution or project in BiH;

- funds secured from the budget to any other institution, organization or body;

- a company in which the state holds a 50% stake plus one share or more;

- all financial, administrative and other activities, programs and projects managed by one or more institutions and bodies of BiH, including processing and revenues from sale of assets, privatization and concessions.

THE AUDIT OFFICE

- performs financial audits, examining financial statements and related accounts of the institutions of BiH in order to assess whether the financial statements are reliable and whether the balance sheet fully reflects the results of the execution of the budget;

- assess whether the management of the institution audited complies with all applicable regulations, whether the funds are used for appropriate purposes and evaluates financial management, internal audit functions and internal control systems;

- performs annual audit and gives an opinion on the annual report on the execution of the budget of the institutions of Bosnia and Herzegovina;

- conducts performance audits, looking into the economy, efficiency and effectiveness of how institutions manage public resources in performing their tasks.