‘Big gaps’ in auditing of €140bn EU budget

There are big gaps in keeping account of what happens the EU’s €140bn a year budget and it is time the auditing system was overhauled and extended, according to a report from the European Court of Auditors.

The study and review was headed up by the Irish member of the court, Kevin Cardiff, and will be followed by a second study into the risks of budget financial mismanagement.

Mr Cardiff, who was secretary general of the Department of Finance before taking up his current post, said that the revelations from the banking crisis showed a lack of oversight and control in the financial sector and prompted the landscape review of EU accountability and public audit arrangements.