Seminar on identifying the use of public funds in election campaigns: Towards a more transparent and responsible management of public finances

In the organization of the Chartered Institute for Public Finance and Accounting (CIPFA) from the United Kingdom and with the support of Transparency International in Bosnia and Herzegovina (TI BiH), a seminar “The role of financial audit in revealing the use of public funds for election campaigns” was held today in Sarajevo, dedicated to the improvement of the financial audit process in the context of election campaigns by gathering experts in the field of finance and audit, as well as representatives of relevant institutions and organizations.

The aim of the seminar was to familiarize auditors and other experts with new guidelines for identifying the potential use of public funds in election campaigns. The guidelines were developed as a result of research conducted by CIPFA, which included an analysis of financial audit processes and reports at the state and entity level in Bosnia and Herzegovina.

The participants of the seminar had the opportunity to explore the key aspects of financial audits in the mentioned area, get acquainted with the latest guidelines and best practices, and share their experiences and participate in a discussion about challenges and their possible solutions.

During the seminar, it was emphasized that there are significant risks of improper use of public funds, including misuse of funds to strengthen the political profile of certain political parties and their representatives in election campaigns. Weaknesses in public administration regulation, structures and unimplemented reforms within the Supreme Audit Institution were identified, including lack of automation.

The participants agreed that the Supreme Audit Institution can effectively report on irregularities through financial reporting, if an adequate risk assessment is carried out. It was pointed out that, although there is already a functional risk assessment system, it is necessary to include all aspects – from the legal framework, through internal controls, to public procurement, transfers, subsidies and grants – to develop a statically reviewed way of mitigating risk.

The seminar was an opportunity to emphasize the importance of independent audits that the Audit Office of the Institutions of Bosnia and Herzegovina conducts, contributing to transparent and quality management of public revenues and expenses. The presence of auditors from the Financial Audit Department was very useful, enabling a constructive discussion and exchange of experiences.

In the hope that the newly presented guidelines will contribute to a more transparent and responsible management of public finances, the organizers expressed satisfaction with the great interest and active participation of all present at the seminar.