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.
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.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article