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EU Institutions face new and specific challenges in financial management and operational efficiency More balanced governance, improved financial management, efficiency and accountability are the key challenges that EU Institutions will face in the coming years. These challenges are of particular importance at a time when the efficient and responsible use of resources is paramount. This is clearly evident from the strong focus on results and efficiency in the MFF and revised Staff Regulations, and in the context of the challenges faced by certain EU Institutions and bodies in relation to the discharge procedure.
- The Deloitte EU Finance wheel: Deloitte has unrivalled knowledge of the European Institutions’ budget implementation processes. We provide a rich portfolio of budgeting and finance related services tailored to the EU Institutions’ specific needs, no matter where they are in their development cycle. Our EU Finance wheel addresses the EU finance organisations’ challenges and is based on the best practice framework used by Deloitte to support budgeting and finance related consulting assignments.
- Review, assess and document finance processes: The scope of the “Review and assessment of the ABAC system and related circuits” is an audit that reviews the Agency’s financial information system; particularly the procedures associated with the registration of financial data using the ABAC system (ABAC Workflow, ABAC Accounting, ABAC Contracts and ABAC Assets). Deloitte can help you to identify the possible risk of non-compliance, suggest appropriate recommendations for improvement to the Agency management and create manuals to describe the business finance processes for each type of procedure.
- Finance training and learning for ABAC users: For the third time in a row, Deloitte has been awarded a framework contract by DG BUDG to deliver ABAC and finance training. This contract covers the period from 2012-2016. This reflects our expertise in this area and our successful delivery of the training programme since 2003. A specialist group of full-time accredited trainers is deployed to deliver the services. This new contract brings fresh challenges; we will improve the quality of the services to meet the changing needs of EU officials and broaden the training offer to include hands-on, specialised coaching and web-based, video and e-learning modules.
- Quality carry-over/carry-forward (accruals): For each commitment being carried-forward, the accrual element must be established (delivered in 2013 or 2014? etc.). This work is complex since commitments could cover service contracts, projects, assets, etc. ECA has usually an easy task when pointing out weaknesses in the carry-forward procedure. Deloitte can help to develop a methodology to minimise the risk (one carryforward sheet per type of project, etc.).
- Activity-based management & budgeting (incl zero-based budgeting): Deloitte supports EU organisations in further developing their activity-based management approach. This results in a better alignment of activities with fixed priorities, a better understanding of the use of human and financial resources, as well as a better monitoring and reporting of activities’ outcomes and their impact on EU citizens. This service offering also includes the implementation of zero-based budgeting processes, in which activities and related funding levels are budgeted from scratch each year, i.e. without reference to historical amounts.
- Performance management and reporting: This service offering provides adequate reporting to management resulting in more informed decisionmaking. Deloitte brings an EU adapted performance management framework for translating the organisation’s mission into specific objectives and measures. We can then support in building a dashboard solution to monitor and report performance against the set targets.
- Finance shared services and benchmarking: With its integrated shared services solution offering, Deloitte can help EU organisations to achieve maximum efficiency, control, and value from their administrative operations through optimising and/or consolidating redundant processes, systems, and organisations in a service-oriented unit. With the finance benchmark service offering, Deloitte helps organisations, through a customised framework, to assess the current state of their finance organisation, processes, and systems through workload measurement, benchmarking and best practice comparison.
- IPSAS expertise and disclosure management: The deep IPSAS expertise of Deloitte’s practitioners, combined with our thorough knowledge of the EU accounting environment (ABAC), allow us to develop and document IPSAS compliant solutions that are practicable to implement in such complex environments.
- Forensic services: Deloitte undertakes forensic investigations on behalf of various Commission services and EU Delegations worldwide. These investigations may be part of a broader (financial) audit engagement and are usually requested by these contracting authorities when they have a suspicion of fraud. These investigations are more particularly conducted in connection with projects financed under the European Development Fund.
- Financial Regulation Policy & Research: Financial Regulation Policy & Research deals with addressing the issues deriving from the application and interpretation of the constantly evolving EU financial regulations, with the aim of improving the transparency of the expenditure of community funds, sound financial management, simplification, governance and accountability. Deloitte delivers studies using proven impact assessment methodologies, evaluation methods, and methodological tools for data collection, resulting in sound legal analysis and tailored recommendations.
- Outsourcing of financial resources: Deloitte Financial Resources and Outsourcing has an extensive pool of experienced and technically well-trained accountants, treasurers, controllers and collectors with IPSAS knowledge. This flexible team of professionals may support the EU Institutions for long or short term assignments with reconciliation issues, preparations for external audits, stabilising certain organisations with the right competencies, operational assistance in finance projects. The professionals are trained to be involved into the business and identify opportunities for efficiencies. They are experienced in different ERP systems and share ideas and knowledge which result in the best case solutions.