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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!