BRUSSELS, Jan. 30 (Xinhua) -- The European Union (EU) auditors on Monday urged regulators to further simplify the Financial Regulation that governs the operation of the EU Budget.
The move came after the European Commission, the executive arm of the EU, is proposing an "ambitious revision" of the Regulation.
European Court of Auditors (ECA) Monday published a new opinion to address the changes the Commission proposed.
"These changes provide an important opportunity to improve the financial management of the EU. The proposal is a step in the right direction. But, as it stands, it does not go far enough," said Lazaros S. Lazarou, the Member of the ECA responsible for the Opinion.
The Financial Regulation sets out general rules on the EU budget, how to account for the spending and the results. The Commission is proposing putting together many existing reports into an "integrated financial reporting package." The auditors warned that this would create a package that would run to thousands of pages and would include significant duplication.
Meanwhile, according to the auditors, there is scope for significant simplification and additional flexibility in the existing arrangements. Therefore, some detailed changes to budgetary management arrangements proposed by the Commission could be averted.
The ECA contributes to improving EU financial governance by publishing reports on EU finances and opinions on proposals for new or revised legislation with a financial impact. Its opinions are used by the legislative authorities -- the European Parliament and the Council of the EU -- in their work.
