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Unqualified sign-off for EU accounts.

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Vincent
PositionEuropean Union - Brief article

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The National Audit Office has issued a report summarising the results of the European Court of Auditors' examination of the European Union's accounts for 2007 and progress on initiatives by the European Commission and member states. For the first time the court gave a positive statement of assurance, without qualification, on the reliability of the accounts--in effect, confirming that they provide a true and fair view. But for the 14th successive year it did not provide a positive statement of assurance on whether the underlying transactions conformed to the applicable laws and regulations.

The most troublesome area is cohesion policy funds, which are designed to reduce disparities in the level of development between regions of the EU--for example, by supporting infrastructure projects. The court estimates that at least 11 per cent of expenditure on cohesion schemes should not have been reimbursed by the commission...

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