FIFA tightens audit rules in $800M funding program

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Associated Press

Posted on March 21, 2013 at 7:04 AM

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.

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