Rail Baltica hosted a meeting with representatives of the Baltic States’ national audit institutions on October 9 to commence an audit on the management of internal systems, procurement processes and financing of the project.
Conducted jointly by the National Audit Office of Estonia, State Audit Office of Latvia and National Audit Office of Lithuania, the audit exercise will cover not only RB Rail but also bodies and beneficiary institutions of the project in the Baltic states.
The audit’s main aim is to understand whether the existing procurement and contracting models are efficient and enable an effective and economic delivery of Rail Baltica.
In addition, it will assess whether the funding of Rail Baltica is secured by the governments of the Baltic States and how well the project is prepared to mitigate financial risks associated with cost increases and the EU funding availability.
The audit will last until the end of 2019 and will cover the period between 2014-2018.
RB Rail acting CEO Ignas Degutis said: “As Rail Baltica project entering the design phase, the scope of procurement activity is increasing.
“It is essential to ensure that all necessary procedures and rules are in place at all countries and in all institutions involved in the project delivery.
“The scope of the audit is focused on all important aspects of the project delivery, therefore we will be looking forward to auditors’ feedback to continue improving our performance.”