EC reforms aimed at combating fraud

EC reforms aimed at combating fraud

The European Commission has disbanded its Directorate General for Financial Control, as part of its root-and-branch reform of its accounting controls.

Link: EC denies £63bn accounting software flaw

The move is aimed at wrestling with reports claiming that European Union institutions continue to be riddled with fraud.

The EU anti-fraud office, OLAF, said in its latest report that 552 new cases were opened from last May to this June, with its caseload increasing by 30% compared to the two first years of its existence, for instance.

As a result, internal reforms are ongoing, with the commission taking the formal decision to disband its DG Financial Control from the New Year, its work being reallocated to audit officers in spending departments.

This change has been supported by increased training, advice on procurement procedures, strengthened audits and the establishment of a mobile help-desk providing immediate advice. Meanwhile, the commission has created 600 financial control posts within spending departments, so there will be no net-loss of financial officers.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

2m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

2m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

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

Turn Accounts Payable into a value-engine

3y Accountancy Age

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
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

2m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article