Dublin based audit firm Caplin Meehan and their European colleague members of IA International won what they say is the largest single audit contract so far awarded by the European Commission.
Caplin Meehan says its network’s European members will earn millions of euros’ from the three year deal which mainly involves auditing Research and Technical Development (RTD) funds provided to contractors throughout fifteen European Union states and four associated countries (Norway, Israel, Iceland and Liechtenstein). A total of twelve networks tendered for the work. Work on the first group of audits, for EU directorates, VII, XII, XIII, will begin in the next few months.
As principal auditors to the European Commission for RTD funding the task in each of the countries will be to confirm whether the funds granted are being spent in the manner originally contracted by the receiving parties and that the costs of projects funded by the Commission are being calculated correctly. All audit assignments issued by the Commission under this programme go to the successful tenderers.
The contract may be extended by two years and IA International says it hopes to win further work on the back of the deal.
For January 1999 year end IA’s 67 European offices posted income of US$94.7 million according to the European survey carried out by the International Accounting Board. IA International had income of US$263million for October 1998 year end generated by 195 offices. |
