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

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