Which institution audits the finances of the European Union?

The European Court of Auditors is the institution responsible for auditing the finances of the European Union. It was established in 1975 and operates independently of the other EU institutions. Its main goal is to ensure that EU funds are used efficiently and effectively, providing oversight to ensure accountability in how taxpayer money is spent.

The Court conducts audits of the various EU bodies, programs, and actions, assessing whether the financial management adheres to legal standards and provides reliable information regarding the financial activities. It also evaluates the performance of EU funds and provides recommendations for improvements, contributing to transparency and good governance within the EU.

The other institutions mentioned have different roles; the European Parliament, for instance, has a legislative function and reviews the budget but does not conduct audits itself. The European Central Bank primarily focuses on monetary policy and financial stability within the Eurozone, whereas the European Commission is responsible for proposing legislation and implementing EU policies rather than serving as an auditing body.