Auditors approve EU accounts but slam spending
Auditors approve EU accounts but slam spending errors as 'unacceptable'
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
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article