The Audit Board of the Ukraine Facility, created to carry out constant monitoring of Ukraine’s management and control systems from the point of view of preventing abuse in the use of funding allocated by the European Union within the Ukraine Facility, will consist of three members and include a Secretariat in Kyiv.

"The Audit Board shall assist the Commission in assessing the effectiveness of Ukraine’s management and control systems regarding the funds provided under the Facility and in fighting mismanagement of Union funding under the Ukraine Facility and, in particular fraud, corruption, conflicts of interest and irregularities," the European Commission said in the report dated June 12 that was published on Monday

"The Audit Board members shall be appointed by the Commission, following a call for expressions of interest. The term of office of the Audit Board members shall begin on the date fixed for that purpose in the decision on the appointment of the Audit Board members. The Audit Board members shall be citizens of the Union, with a proven track record in the areas of audit, monitoring and control, and/or fighting fraud, corruption, conflicts of interest and irregularities ideally acquired in a senior position in EU institutions or Member States public authority. The Audit Board members shall be appointed as special advisers of the Commission … for a term of 2 years," the report says.

"The Audit Board shall submit reports to the Commission … with a frequency of at least one report every 3 months on the basis of a work program submitted for information to the Commission within 3 months following the date the Board started to operate. These reports shall present the Board’s opinion in relation to the performance and effectiveness of the Ukrainian management and control system. Information the Board has obtained or has been made aware of on any identified cases of, or serious concerns in relation to, mismanagement of expenditure financed under the Facility shall immediately be shared with the Commission," it reads.

Ukraine Facility is an instrument that provides for the possibility of Ukraine receiving in 2024-2027 EU financial and technical assistance totaling EUR 50 billion. Of this, EUR 38.27 billion will be allocated for budgetary support, EUR 6.97 billion for the investment fund, and EUR 4.76 billion for technical and administrative support.