The accounts have been prepared in accordance with provisions and the information presented concerning compliance with the spending limits can be regarded as providing a true view.
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On the basis of the financial audit of the final central government accounts, it is the opinion of the National Audit Office that the accounts for 2010 have been prepared in accordance with provisions. On the basis of the audit of the fiscal policy information base and its effectiveness, the information presented in the Report on the Final Central Government Accounts concerning compliance with the spending limits in 2010 can be regarded as providing a true view.
With regards to events after the closing of the accounts, international arrangements aimed at stabilising the euro area and the euro will increase Finland’s financial commitments. The National Audit Office has drawn attention to risks linked to the economic development of the euro area and to the commitments taken on by Finland as part of the financial stabilisation system and the correct evaluation of these commitments. In the workings of the European Financial Stabilisation Facility and the permanent stability mechanism it is important to ensure the implementation of good governance and transparency as well as independent external audit that is adequate for this purpose.
Owing to an interpretation of the Constitution that has been adopted in central government, the Finnish state borrows more money than is needed to maintain liquidity, which causes unnecessary risks and costs. The situation could be corrected by asking the Constitutional Law Committee for an interpretation regarding the impacts of the budget covering requirement on the implementation of the budget, and the National Audit Office recommends that in connection with the consideration of this report, Parliament should ask the Constitutional Law Committee for a statement on the interpretation of the budget covering requirement in managing central government debt.
On the basis of the audit of the fiscal policy information base and its effectiveness, the information presented in the Report on the Final Central Government Accounts concerning compliance with the spending limits in 2010 can be regarded as providing a true view. In evaluating whether information provides a fair view with regard to underspending, it should however be pointed out that the relation between expenditure included in the spending limits and the budget and off-budget funds and certain state-owned companies is not entirely transparent.
On the basis of the audit of information on effectiveness in the Report on the Final Central Government Accounts, positive development has taken place in the presentation of effectiveness information. This has particularly concerned shifting from describing activities to evaluating the achievement of objectives. To further improve reporting, attention should be paid to well formulated effectiveness objectives in the Report on the Final Central Government Accounts.
The National Audit Office also draws attention to positions taken by Parliament requiring a response in the Report on the Final Central Government Accounts.
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