PracticeAuditAuditors approve EU accounts but slam spending

Auditors approve EU accounts but slam spending

Auditors approve EU accounts but slam spending errors as 'unacceptable'

The
European
Court of Auditors
approved the EU executive body’s 2007 cash flows for the
first time in 14 years, describing accounts a ‘fair presentation’ of the
financial position.

However, the court criticised as ‘unacceptable’ spending errors in all but
two of the seven policy areas covered under the €114bn (£93bn) budget, the
Financial Times reports.

One of the biggest problems was the difficulty assessing whether final
beneficiaries such as farmers and promoters operating EU-funded projects were
eligible for the subsidies and overheads awarded to them.

Auditors were particularly concerned about the €42bn cohesion budget –
covering regional policy, social affairs and rural development – which exposed
errors in at least 11% of its spending when the acceptable margin for mistakes
is below 2%.

Further reading:

Dutch refuse to sign off EU accounts

Read
the Financial Times story

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

5d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

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

2w 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

2w 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