EC accounts fail to win approval for 15th year

The European Court of Auditors has declined to give the European Commission’s
accounts a clean bill of health for the 15th year in a row.

Papers published today [10 Nov] for 2008 reveal that the court accepted the
accounts “present fairly, in all material respects, the financial position of
the Communities” but note “weaknesses in the accounting systems …. still put
at risk the quality of financial information of certain directorates general

It complains in particular about “pre-financing”, invoicing and the assets of
the European Satellite Programme Galileo. It added that payments underlying
accounts related to “cohesion”, “research, energy and transport” and “external
aid” are “materially affected by error”.

It says the Commission has not been able to demonstrate its efforts to
improve supervisory and control systems have been effective in mitigating the
risk of error.

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