Auditors approve EU accounts but slam spending

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

the Financial Times story

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