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Principles
[link new-window title="Article%20317%20of%20the%20Treaty" link="https%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FTXT%2FPDF%2F%3Furi%3DCELEX%3A12012E%2FTXT%26from%3DEN%23page%3D140" icon="external-link"/]
states that "The Commission shall implement the budget...on its own responsibility...having regard to the principles of sound financial management" and that "member states shall cooperate with the Commission to ensure that the appropriations are used in accordance with the principles of sound financial management".
According to [link new-window title="Article%2033%20of%20the%20Financial%20Regulation" link="https%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FTXT%2F%3Furi%3DCELEX%3A32018R1046%23033" icon="external-link" /]
, the concept of sound financial management comprises the principles of economy, efficiency and effectiveness.
Instructions
Auditors should identify potential risks to achieving economy, efficiency and effectiveness and thereby develop audit questions. Each concept is important and where the specific priority lies will be decided on a case-by-case basis; however, auditors are encouraged to consider effectiveness as an element of the analysis whenever possible. A performance audit is not supposed, and should not aim, to cover a simultaneous and comprehensive examination of all aspects of economy, efficiency and effectiveness. It will rather examine certain issues related to economy, efficiency or effectiveness, or to a combination thereof, based on the significant potential risks identified. In this way, the audit is less likely to run the risk of being overly ambitious.
The pages defining the concepts of economy, efficiency and effectiveness include examples of risks and issues to be addressed in audits for each of them.
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