PracticeAuditEU accounts still a mess, MPs say

EU accounts still a mess, MPs say

Report by Public Accounts Committee condemns poor EU accounting.

Despite being responsible for £70bn worth of EU taxpayers’ money, EU accounting is still inadequate, a report by the Public Accounts Committee (PAC) has concluded.

Link: Push for greater EU accounting transparency

The MPs today submitted a report that criticised the high level of fraud thought to exist within the EU’s arrangements, saying that the level of fraud itself remains impossible to calculate.

The EU’s accounts have not secured a clean bill of health from the European Court of Auditors for 10 years.

Edward Leigh, the chairman of the PAC, says this is not good enough: ‘The task of achieving strong audit and accountability arrangements in the European Union is one Sisyphus himself, endlessly pushing his huge stone to the top of the mountain, would not envy. Little has changed because of institutional inertia.’

The UK should use its presidency of the European Union, in the second half of this year, to push for improvements in accountability, he added.

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

4d Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

1w Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

1w Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

1m Emma Smith, Managing Editor
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

2m Alia Shoaib, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

3w Alia Shoaib, Reporter
KPMG rocked by South African corruption scandal

Audit KPMG rocked by South African corruption scandal

4w Alia Shoaib, Reporter
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

1m Emma Smith, Managing Editor