Finanse, Rynki Finansowe, Ubezpieczenia

Purpose – Ensuring proper functioning of the project management process in the organization participating in projects funded by the EU is a real challenge today. Projects realized within structural funds are subjected to numerous regulations and guidelines. The aim of this study was to analise principles and methods of audit work in projects co-financed by the European Union, for example projects implemented under the JEREMIE initiative. Research methodology – This work is a result of research based on a review and analysis of legal acts, guidelines and literature defining specific requirements connected with implementation of projects financed from structural funds and audits of these projects, as well as broad-based internal audit. In addition, a test method used in the work is a synthesis of issues related to internal audit in various perspectives of audit activities, indicating a risk analysis as a common feature in both audit activities and other management systems such as project management. Result – The paper presents best practices for conducting and documenting all activities performed within an audit in a proper way as well as proven methodology for implementing internal audit elaborated on specific key criteria for evaluation of projects financed from EU funds. The final part of the paper presents issues related to conducting risk analysis within audit as well as framework of realised projects. Originality/value – Due to the work benefits of using internal audit within organisations were presented and specification of audit of projects financed from EU funds was explained.