The European Court of Auditors is an independent institution that audits the revenue and expenditure of the European Union budget, including funds paid out through national programmes. Each year it publishes an annual report with an estimate of the error rate in expenditure and issues special reports with recommendations on individual areas. Audits are carried out on a sample of projects directly at beneficiaries in the member states, so they may also affect a Slovak company or municipality, usually years after the project has ended. This is precisely why it is important to archive documentation for the entire required period. The Court's findings do not lead directly to a sanction for the beneficiary, but translate into tighter rules and into checks carried out by national authorities in the following period. Its special reports are also a useful resource for applicants, as they show which types of shortcomings recur in a given area.
See also: Audit Authority, Archiving of project documentation, Check after project completion.
