PracticeAuditEC wants to spot-check government accounts

EC wants to spot-check government accounts

European Commission sees itself as watchdog to member states' chief auditing authority.

The European Commission has demanded new powers to police its member states’ accounts in a move that would make it the EU’s chief auditing authority.

Link: Review of EU’s accounting professions planned

The proposed laws would allow the Commission to carry out spot checks and ‘in-depth monitoring visits’ anywhere in the UK and at any time, reports the Daily Telegraph.

Euro-officials would be given powers to demand access to debt figures and ‘underlying government accounts’. The findings would also be made public if figures were found to be misleading.

But Britain yesterday attacked the plan: ‘Our statistical body has a worldwide reputation for excellence and doesn’t need Eurostat officials marching in,’ the Telegraph reported one British official saying. ‘Brussels should be focusing on countries that have problems.’

Related Articles

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

6d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

7d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m 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

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter