PracticeAuditEU’s accounts qualified for 11th year running

EU's accounts qualified for 11th year running

European Court of Auditors points finger at member states rather than Brussels

The European Court of Auditors has qualified the EU’s annual accounts for the
eleventh year running.

The European Union’s financial watchdog today repeated concerns about the
accuracy of the books in the 2004 budget, totalling nearly £70bn, and refused to
give a formal ‘Statement of Assurance’ about their validity.

The auditors acknowledged European Commission’s efforts to bring accounting
reforms into effect, and pointed the finger at the member states themselves
rather than Brussels – as some 80% of EU spending is conducted by national and
regional authorities.

Last week, chancellor Gordon Brown chaired talks between EU finance
ministers, and made it clear he thought it was up to the auditors to find ways
to improve the procedures for clearing the accounts.

However, Conservative MEP James Elles said in The Independent that
the auditors’ refusal to clear the books could become a permanent feature of the
EU unless member states faced up to their responsibilities and ensured
euro-funds were better accounted for.

He reportedly said Britain’s EU presidency had been a missed opportunity to
tackle the problem.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

1d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

6d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter