The main task of the European Court of Auditors is that of auditing the accounts and the implementation of the budget of the European Union

The Treaty establishing the European Community confers upon the European Court of Auditors the main task of auditing the accounts and the implementation of the budget of the European Union with the dual aim of improving financial management and the reporting to the citizens of Europe on the use made of public funds by the authorities responsible for their management.

The European Court of Auditors consists of 15 Members originating from the 25 Member States and appointed for a term of six years. They are independent and have specific experience

The European Court of Auditors' independence vis-a-vis the other Community institutions and the Member States guarantees the objectivity of its audit work. The Court of Auditors has a free choice in the organisation and scheduling of its audit work and the publication of its reports.

"Financial conscience" of the Union

The Court of Auditors examines whether EU budgetary revenue has been received and the corresponding expenditure incurred in a legal and regular manner. It places a particular emphasis on examining whether the financial management has been sound, i.e. it checks whether management objectives have been met while assessing to what extent and at what cost this has been done. The European Court of Auditors thus helps to guarantee the citizens of Europe that the EU budget has been managed and implemented regularly and as effectively as possible.

Sanctions
The Court of Auditors has no juridical powers. When auditors discover cases of irregularities, including suspected fraud, the information obtained is communicated as quickly as possible to the Community bodies responsible in order that they may take the appropriate action.

Web-site: http://www.eca.eu.int/
Source: http://www.infoeuropa.ro/