EC accounting systems panned

EC accounting systems panned

The European Commission has come under renewed criticism over its accounting systems and treatment of assets in the annual report by the European Court of Auditors.

Link: EC plans raise audit restriction doubts

The findings, which were reported to parliament by head of the National Audit Office, Sir John Bourn, recommended urgent action to deal with ‘persistent weaknesses in the commission’s accounting systems, particularly the lack of reliable information on the completeness of assets held’.

The court did however note that progress had been made by the commission in implementing its strategy of financial management reforms. It welcomed declarations by the commission’s directors generals on the reliability of the financial controls in their areas, although noting that there were still issues of inconsistency to be resolved.

The report also noted that the commission will struggle to meet its plan to introduce full accruals accounting by the start of 2005. It claimed the commission does not have a comprehensive enough framework or an integrated computerised accounting system capable of automatically generating all the figures required for accruals accounting.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource