Chapter 1.7 - Other institutions - The Court of Auditors...

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The Court of Auditors Comprising twenty eight members appointed for a six year term, the duty of the Court of Auditors is to audit the revenue and expenditure of the European Union: Article 287(1) TFEU The audit is to be based on the records of the Union and if necessary, performed on the spot on the premises any body that manages EU revenue or receives any payments from the EU budget: Article 287(3) TFEU Despite these investigative powers, it has no power to prosecute for fraud but is obliged to report any irregularity to the appropriate body. For these purposes, the Court of Auditors is required to liaise with the national audit bodies or where appropriate with national departments. The Court of Auditors can submit observations or deliver opinions on specific matters at the request the other EU institutions and it can also assist the Parliament and the Council in exercising their powers of control over the implementation of the EU budget. However, its greatest voice comes from the annual report it publishes on EU finances at the end of each financial year: Article 287(4) TFEU The Parliament can only give a discharge to the Commission in respect of implementation of the Budget on the basis of this report: Article 319(1) TFEU The European Central Bank The ECB has now been included as an institution and is listed in Article 13 TEU . It
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