Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

European Commission to start new accounting system
EU Observer ^ | Honor Mahony

Posted on 12/30/2004, 3:40:57 PM by SunkenCiv

The new system was agreed in 2002 following accusations by former Commission chief accountant Marta Andreasen that the executive lacked a basic accounting system leaving it wide open to cheating. Mrs Andreasen was subsequently suspended for going public with her allegations but most of her suggestions were incorporated into the new reforms... One of Mrs Andreasen's main complaints was that there was no central system for monitoring pay outs of EU money.

(Excerpt) Read more at euobserver.com ...


TOPICS: Foreign Affairs; Germany; News/Current Events; Russia; United Kingdom; War on Terror
KEYWORDS:
Only been two years? What's the rush?

I mean, it's not as if any of the member gov'ts already had such a system in place from which to take an example, 'Civ said, dripping with sarcasm, nor could they anticipate any problem with doing it the way they've been doing it.

FR Lexicon·Posting Guidelines·Excerpt, or Link only?·Ultimate Sidebar Management·Headlines
PDF to HTML translation·Translation page·Wayback Machine·My Links·FreeMail Me
Gods, Graves, Glyphs topic·and group·Books, Magazines, Movies, Music


1 posted on 12/30/2004, 3:40:57 PM by SunkenCiv
[ Post Reply | Private Reply | View Replies]

To: SunkenCiv
I think that the UN's Oil for Food program has an efficient and effective accounting system they could have. It is quite good at hiding payments, and funneling money.
2 posted on 12/30/2004, 3:43:44 PM by Sthitch
[ Post Reply | Private Reply | To 1 | View Replies]

To: SunkenCiv
>One of Mrs Andreasen's main complaints was that there was no central system for monitoring pay outs of EU money

What the hell!? Asking
a government to account
for its use of cash

costs everybody!
Because then the government
must hire accountants

to juggle the books!
And those kind of accountants
get good salaries . . .

3 posted on 12/30/2004, 3:45:42 PM by theFIRMbss
[ Post Reply | Private Reply | To 1 | View Replies]

To: theFIRMbss

All they say in the article is that they switched to the accrual method of accounting. While that's important, accrual accounting is not a system of internal controls. If ever there was an organization that needs to meet Sarbanes-Oxley (US law) requirements, it's the EU (and the UN of course). Where is the oversight? Who are the independent auditors? From the only action that the article mentions (the suspension of the whistle blower), I'd say this is a high risk environment extremely vulnerable to fraud and misuse of cash.


4 posted on 12/30/2004, 4:21:48 PM by winner3000
[ Post Reply | Private Reply | To 3 | View Replies]

Kok: Europe should not 'copycat' US
EUobserver | 5/11/2004 | Richard Carter
Posted on 11/05/2004 11:28:58 PM PST by SunkenCiv
http://www.freerepublic.com/focus/f-news/1272542/posts


5 posted on 3/21/2005, 4:07:54 PM by SunkenCiv (last updated my FreeRepublic profile on Sunday, March 13, 2005.)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson