The Ministry of Economic Affairs and Employment says it has "paid attention to the legality of Business Finland’s financing activities and the importance of supervision from the first day of funding provision."
In addition to the internal control and audit activities of Business Finland, the Ministry of Economic Affairs and Employment will also launch its own supervisory activities with regard to Business Finland's financing activities as well as other financial activities in the administrative branch of the Ministry of Economic Affairs and Employment.
In addition, the National Audit Office of Finland is likely to audit the provision of business subsidies granted to manage the effects of the coronavirus pandemic, but not any individual financing decisions made by an individual entity in this situation.
Ensure legal compliance
According the the Ministry, Business Finland conducts supervision through its own processes and internal control activities.
"The purpose of Business Finland’s internal control is to ensure legal compliance of its financial arrangements and operations. Business Finland conducts regular inspections to monitor the use of its funding and the quality of its operations. With these quality audits, the quality of the funding decision preparations and the monitoring work during projects is assessed. Weekly audits on the effectiveness of the preparation and decision-making process for funding in disruptive circumstances are carried out. In addition, separate risk assessments regarding funding in disruptive circumstances are prepared," the Government explains in a press release.
