FIFA tightens audit rules in $800M funding program

FIFA tightens audit rules in $800M development program as part of anti-corruption reforms

Associated Press
FIFA tightens audit rules in $800M funding program
.

View photo

Brazil's Sports Minister Aldo Rebelo, left, and FIFA President Joseph Blatter, right, shake hands during a press conference at the FIFA's headquarter in Zurich, Switzerland, Tuesday, March 19, 2013. They discussed issues related to the organization of the FIFA Confederations Cup in Brazil 2013 and the 2014 FIFA World Cup in Brazil. (AP Photo/Keystone, Walter Bieri)

ZURICH (AP) -- FIFA has tightened financial accounting standards in its $800 million development budget as part of transparency and anti-corruption reforms.

FIFA says new rules were agreed to this week and will apply to its 209 member associations and six confederations from July 1.

The reforms were overseen by Domenico Scala, independent chairman of its Audit and Compliance Committee.

Members must supply FIFA with detailed accounts, and have them audited in Zurich every five years, to be eligible for development funds.

FIFA will allocate $800 million in a four-year financial cycle tied to the 2014 World Cup.

Members must now seek at least three tendering offers for $50,000-plus project expenses.

FIFA had long been criticized for not scrutinizing how grants of $400,000-500,000 were allocated and spent in its Goal development program.

Rates

View Comments (0)