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During its May I plenary session, the European Parliament is due to vote on whether to grant discharge for the 2020 financial year to the EU's various institutions and bodies. First in line is the report on the European Commission and six executive agencies, responsible for the bulk of EU budget spending. Separate discharge is granted for management of the European development funds (EDFs). Parliament's Committee on Budgetary Control (CONT) recommends that Parliament grant the Commission and all ...

Spending the EU budget efficiently and transparently is key to ensuring the sound implementation of EU policies and citizen support for the Union. However, the fragmentation of reporting systems used across the EU hampers the scrutiny of how spending is done. To address this situation, the European Parliament's Budgetary Control (CONT) Committee has drafted a legislative-initiative report asking the Commission to submit, before the end of 2021, the legislative proposals needed for the introduction ...

EU rules on fit and proper are a patchwork of high-level principles and national law. Deep cross-country differences affect both the assessment process and the criteria used. New Level 1 measures are required to impose common requirements on knowledge, experience, good repute, independence and conflicts of interest, and to unify procedural aspects across Member States. Meanwhile, the ECB should assign a public score to individual board members and disclose the motivations behind its fit and proper ...

This document, prepared by Policy department A at the request of the Economic and Monetary Affairs Committee (ECON), summarises the key findings of the study on the EU Statutory Audit Reform.

The History of the EU Budget

In-Depth Analysis 14-06-2019

The budget of the European Union has three pillars: its expenditure, its financing and its audit. This briefing looks at the origins of the budget, its development through multiannual planning and annual budgeting. It does so amid the European Parliament’s changing powers over the budget, and the evolution of its financing and of the audit process. Since the very first European Community in 1952, there has been a tension over budgeting among the European institutions and the Member States, and a ...

In this study we execute an in-depth analysis of the evolution of market concentration, competition and costs in the EU market for statutory auditing before and after the Audit Reform. Based on data from archival databases and a survey, we present evidence suggesting that rivalry between the largest audit suppliers increased, as did audit costs, non-Big 4 audit market share, and joint audit rates. Non-audit services (NAS) fees earned by the incumbent auditor decreased. This document was provided ...

During the October II plenary session, the European Parliament is due to bring to a close the discharge procedure for the Council's financial accounts for the year 2015, by voting on the second report of the Committee on Budgetary Control. For several years in a row now, the Parliament has refused to grant discharge to the Council and the European Council.

The Court of Auditors

EU Fact Sheets 01-10-2017

The European Court of Auditors is in charge of the audit of EU finances. As the EU’s external auditor, it contributes to improving EU financial management and acts as the independent guardian of the financial interests of the citizens of the Union.

Implementation of the budget

EU Fact Sheets 01-06-2017

The Commission is responsible for implementing the budget in cooperation with the Member States, subject to political scrutiny by the European Parliament.

Budgetary control

EU Fact Sheets 01-06-2017

Scrutiny of the EU budget is carried out in each EU institution and by the Member States. Detailed scrutiny is carried out, at different levels, by the Court of Auditors and by Parliament. Each year Parliament scrutinises the implementation of the budget with a view to granting discharge to the Commission, the other EU institutions and the EU agencies.