Court of Auditors

Institution that audits European Union (EU) revenue and expenditure to ensure lawfulness and sound financial management. It is composed of 27 members (one from each European Union member state) appointed for six years by unanimous decision of the Council of the European Union after consulting the European Parliament. It was set up in 1977 and raised to full EU institution status by the Maastricht Treaty (1992).

Under the Amsterdam Treaty, the Court of Auditors also has the power to report any irregularities to the European Parliament and the Council. Its audit responsibilities have been extended to European Community funds managed by outside bodies and by the European Investment Bank.