EC ASA stands for European Court of Auditors and is a prominent institution of the European Union (EU) responsible for auditing the finances of the EU. It is an independent organ that functions as the external auditor of the EU, aiming to ensure transparency and accountability in the management of the EU budget.
The European Court of Auditors operates under the Treaty on the Functioning of the European Union and provides assurance on the legality, regularity, and financial soundness of EU funds and activities. It checks whether EU funds are used efficiently, effectively, and achieve the intended results, while also monitoring compliance with applicable laws and regulations.
The court primarily examines the EU's revenue, expenditure, and financial management, assessing every phase of the budget cycle. It conducts audits and produces annual reports with recommendations to improve financial management and enhance the EU's overall effectiveness.
With its headquarters in Luxembourg, the European Court of Auditors consists of one member from each EU country, appointed by the Council of the EU after consulting the European Parliament. These members serve for a renewable six-year term and elect a President to chair their sessions.
In summary, EC ASA, or the European Court of Auditors, serves as an important supervisory body within the EU framework, responsible for ensuring the proper use of EU funds and promoting accountability and transparency in the management of the EU budget.
