Auditors approve EU accounts but slam spending errors as 'unacceptable'
Accountancy Age, 11 Nov 2008
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.
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:
How to make better financial decisions - Free FD Handbook
When reviewing your business and accounting software, this free two- part guide explains all you need to know.
The Future of the Financial Close: Automating Account Reconciliations and Review
Many firms have made account reconciliation automation the focus of their drive. This paper describes why.
More white papers
Keep up to date with the latest products, services and technologies from the world's leading IT companies; IThound.com brings you over 6,000 white papers, case studies and analyst reports.
Comments
Have your say on this article