During the period between February 22 and March 12, 2016 an international auditing company verified the financial activity of the Moldova Social Investment Fund for the entire period of its operation.
The audit was conducted by the international "SOS-Audit LTD" company, selected from the list of companies, recommended by the World Bank to verify the way projects are managed, which the institution finances.
The audit is carried out in accordance with International Standards on Auditing and Control of the International Federation of Accountants (IFAC), compliant with standards of the Court of Accounts of the Republic of Moldova. MSIF is subject to such an audit every year and it is an obligatory requirement of donors.
All transactions in the bank accounts managed by MSIF have been verified during the audit. In the course of three weeks, international auditors reviewed the documents of the institution and carried out visits at site to determine the efficiency and correctness of the management of financial resources within the 3 projects which are currently managed by the MSIF:
• Project "MSIF - Social Infrastructure and Energy Efficiency", funded by the German Government through the German state bank "Kreditanstalt für Wiederaufbau" (KfW);
• "Integration of children with disabilities into regular schools" Project, financed by the World Bank;
• "The Program of technical and financial assistance granted by the Romanian Government for preschool institutions in the Republic of Moldova", financed by the Romanian Government.
After evaluating, the auditing company established that expenses incurred within projects, managed by MSIF, are justified and meet the funding conditions established by donors. Conclusions, stated in the audit report by the international experts, show that MSIF administered financial resources from external donors properly, efficiently and without any derogation.
Previously, the MSIF was subjected to the audit on management of financial resource from foreign donors. No derogations have been found in financial resource management. Due to accuracy of the funds management by MSIF, KfW will allocate another 2 million, starting this year.
Audit reports have been sent for the information to international donors and the Moldovan authorities and are open to public (they can be accessed here: http://fism.gov.md/ro/content/raport-de-audit-fism-2015).
