European Court of Auditors

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European Court of Auditors

formerly, the Court of Auditors set up under the Merger Treaty, an institution of the European Union since the 1992 Treaty on European Union. Presently it is composed of 25 members appointed for six years by unanimous decision of the Council of the European Union after consulting the European Parliament and must include a national from each Member State. It checks European Union revenue and expenditure for legality and regularity and ensures that financial management is sound. It has the power to report any irregularities to the European Parliament and the Council, and its audit responsibilities have been extended to Community funds managed by outside bodies and by the European Investment Bank.