The European Court of Audit is one of the seven institutions governing the European Union . The chamber was created in 1975 to audit the budget of the union and its institutions.
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The headquarters of the Accounts Chamber is located in Luxembourg .
Functions
The functions of the Accounts Chamber have the following areas:
- checking income and expense statements of the European Union and all its institutions and bodies with access to European Union funds;
- financial management quality control;
- drawing up a report on their work after the end of each financial year, as well as submitting conclusions or comments on specific issues to the European Parliament and the Council;
- assistance to the European Parliament in monitoring the implementation of the budget of the European Union.
In order to fulfill the functions assigned to the Accounts Chamber, the auditors carry out on-site inspections to other EU institutions, EU states or other states receiving financial assistance from the EU. However, this institution does not have real powers. If auditors find violations they inform about them.
Organization
The Accounts Chamber consists of 28 representatives (one from each member state ) who have performed or are performing in their countries the corresponding functions of external control or have special qualifications for this position. They are appointed by the Council by unanimous decision for a period of six years and are completely independent in the performance of their duties. The Chairman of the Accounts Chamber is elected from among its members for a three-year period with the right to renew the mandate.