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Press Release
27/01/2021   The National Audit Office and the Bank of Lithuania sign a cooperation agreement

The National Audit Office, the supreme audit institution, has signed an agreement with the Bank of Lithuania aimed at strengthening cooperation based on the principles of independence, legality, professionalism, publicity and neutrality.

On the basis of the signed agreement, mutual consultations, expert opinions, expert evaluations, methodological and other assistance will be provided in accordance with each institutions’ competences. Where appropriate, meetings, discussions and seminars will be organised.

“The cooperation between the National Audit Office and the Bank of Lithuania is particularly relevant in the context of the COVID-19 pandemic and its impact on the national economy. There are many challenges: public debt is rising; both EU Member States and Lithuania have to think about how to reorganise State and Community resources," said the Auditor General Mindaugas Macijauskas.

The Parties will cooperate and exchange information on topics such as public finances, macroeconomic indicators and pension annuities. Currently, the National Audit Office carries out an audit of the Pension Annuity Fund for 2020, which assesses whether the funds and assets of the Fund are managed, used and disposed of lawfully. The assessment results will be presented in October this year together with other reports annually submitted to the Seimas.

“We live in a small market, therefore it is especially important for us to get together and share our knowledge and skills openly and willingly with each other in order to achieve common goals of the State. As an institution with the greatest competence in economic and financial matters, we are happy to share our know-how with other institutions, thus contributing to the creation of a better future for Lithuania,” says Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.

The cooperation agreement also provides that institutions may send their staff to each other to develop their qualifications in order to improve their theoretical knowledge and acquire additional practical skills.

The National Audit Office, acting in conjunction with other public sector organisations, seeks to foster relations based on trust and respect with a common goal to help the State to manage its finances and property wisely. Such cooperation agreements increase the efficiency of the public sector and the benefits it creates for society.

 

Responsible for the information Communication Division
Last updated on 11 February 2021

National Audit Office of Lithuania

Pamėnkalnio St 27, LT-01113 Vilnius, Phone: +370 608 92 636, Email: nao@vkontrole.lt.