BusinessCompany NewsNAO warns of euro fraud risk

NAO warns of euro fraud risk

An enlarged European Union could escalate the risk of euro-fraud unless financial controls are made a top priority, the UK's public financial watchdog has warned.

With several central European countries vying to join the Union, the National Audit Office has told Whitehall financial management should have been given ‘appropriate priority’ during negotiations with other bodies dealing with the enlargement process.

The warning came as the NAO published its verdict on the European Court of Auditors’ report on the union’s finances, which were qualified for the seventh year in succession.

While foreign secretary Jack Straw met with his German counterpart Joschka Fischer to discuss how European governments could restore public faith in the Union, the NAO demanded evidence that the European Commission was winning its fight against fraud.

Member states last year reported £700m of suspected fraud, up from £400m the previous year, but there were wide differences between the countries.

Edward Leigh MP, chairman of the influential public accounts committee, questioned the figures, saying: ‘The UK accounted for a greater part of this than any other country but we really have to question how credible the figures are when some member states report no cases of fraud or irregularity at all in certain major areas.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor