In relation to the media reports on the financial resources of the University of Cyprus (UCY) and the deficit identified by the Internal Auditor of the University as of 31.12.2022, the Audit Office notes the following.(I)/2014), every state agency shall submit to the Auditor General for audit the annual financial statements within four months after the end of each financial year.
(b) On the basis of Article 8 of the Law on the Filing of Data and Information with the Auditor General of the Republic, the Audit Office has entrusted the audit of the financial statements of the University of Cyprus for the years 2019 - 2021 to private auditors who contract directly with the University.
[C] To date, the University of Cyprus has prepared and submitted to the private auditors for audit the financial statements for the years 2019 - 2021. Their audit has not yet been completed. Based on a letter dated 2019-2019, the auditors have not yet completed their audit. 16.1.2023, the University of Cyprus informed the Audit Office that it has secured approval from the University of Cyprus' Departmental Claims and Claims Committee to extend the period of performance of the audit of the Financial Statements for the years 2019 - 2021 until 30.4.2023 instead of 31.12.2022 as stipulated in the Contract.
(d) The Audit Office requested the Internal Auditor's Report under reference, entitled "Report on the evaluation of the status of own income, debts/liabilities, bank assets and receivables of the PC as at 31.12.2022". In a message yesterday, the Chair of the Council of the University of Cyprus informed the Audit Office that this report has been discussed in the Audit Committee of the Council and has been provided for comments to the Rector's Authorities and the University's Financial Services. Following comments from the above, the Report would be finalised and placed before Council. Once finalized, a copy will be sent to the Audit Office for its information.
The Audit Office recalls that, following the submission of the University of Cyprus Budget to the House of Representatives in November 2022, the University itself came back in December 2022 and requested an increase in appropriations of €58.5m. The Council of Ministers approved a revised Budget that provided for an increase in state funding of €37.3m. Thus, the state subsidy, originally planned to be equal to €81.2m (approximately the same as in previous years), was increased to €118.5m.
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