Auditors approve EU accounts but slam spending

Auditors approve EU accounts but slam spending errors as 'unacceptable'

Written by AccountancyAge.com

The European Court of Auditors approved the EU executive body’s 2007 cash flows for the first time in 14 years, describing accounts a 'fair presentation' of the financial position.

However, the court criticised as 'unacceptable' spending errors in all but two of the seven policy areas covered under the €114bn (£93bn) budget, the Financial Times reports.

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One of the biggest problems was the difficulty assessing whether final beneficiaries such as farmers and promoters operating EU-funded projects were eligible for the subsidies and overheads awarded to them.

Auditors were particularly concerned about the €42bn cohesion budget – covering regional policy, social affairs and rural development – which exposed errors in at least 11% of its spending when the acceptable margin for mistakes is below 2%.

Further reading:

Dutch refuse to sign off EU accounts

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