Forensic auditing reduces Sochi Olympic construction expenditures by 300bln.rubs

Author: Alex Freedmann Section: Major Events of the Month

Issue: March 2009, Vol. 4, No. 2

Tags: Sochi Olympic

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Bloating of Olympics Expenses

Independent forensic auditing carried out by the state on the estimated Sochi Olympic construction expenditures has revealed that the figures were bloated by 300bln.rubs, or 15% of the entire Olympics budget. “Forensic auditing is very effective in respect to state’s projects. For instance, we discovered that figures were bloated by 7,5bln.rubs in four projects, whose estimated budgets had been submitted for approval, Deputy Premier Dmitry Kozak, who oversees Sochi Olympic preparations in the government, said. “Such auditing has enabled us to save over 300bln.rubs on the Olympics budget.”