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Tuesday, 17 October 2017

Independent External Audit

Article XVI (C) of the STCU Statute states the following: "An annual audit by an auditor approved by the Board shall be conducted of the Center's expenditures and related financial activities." A request for proposals was processed and responses reviewed in 2005 with a contract awarded for two years to the independent accounting firm - Lubbock Fine Chartered Accountants (www.lubbockfine.co.uk)

The STCU's Finance Department is responsible for preparation of the Audited Financial Statements of the STCU, which the External Auditors examine. The Auditor's Report is presented to the Board of Governors in June of each year for the preceding fiscal year (January 1 to December 31). Audited Financial Statements for all STCU fiscal years can be found at the following portion of the STCU's website: www.stcu.int/documents/reports/audit.

The STCU is also required to undergo annual project audits (approximately 20 - 25 per year) by the Government of the United States - an STCU Funding Party. The Defense Contract Audit Agency is contracted by the U.S. Funding party to (www.dcaa.mil) audit projects financed by the U.S. to ensure conformity with the provisions of the project agreements signed by the STCU and participating recipient country organizations (institutes, universities, etc.). Information related to these projet audits, including the findings and recommendations, and auditors' reports on the internal controls structure and compliance with the project agreement provisions, are contained in reports which are available from the U.S. Funding Party Representative - Ms. Jane Tanenbaum.

Periodically, the STCU is also required to undergo program and system audits conducted by the European Court of Auditors (www.eca.eu.int/index_en.htm), United States Government Accountability Office (www.gao.gov), and Defense Contract Audit Agency (www.dcaa.mil). Information related to these external audits, including the findings and recommendations, and auditors' reports on the internal controls structure and compliance with laws and regulations, is contained in reports which are available from the Chief Financial Officer.