Special Report No 05/2009: The Commission’s Treasury Management

Abstract:

In this special report the Court audited the quality of the Commission’s treasury management, assessing whether the Commission complied with the relevant rules and regulations, and whether the Commission had established internal control systems which ensure a sound treasury management.

The Court concluded that overall the Commission complied with the applicable Community legislation, that it had set up prudent cash management forecast procedures, and that in general its internal control procedures were effective.

However, the Court also found a lack of coordination between the relevant Commission DGs in areas such as risk management and control. This led to a situation where the Commission did not sufficiently consider its overall risk exposure with each commercial bank.

Furthermore the Court found that there is an increased risk of loss of provisionally collected fines held in specific bank current accounts.

• Primary Source

ECA: Special Report No 05/2009: The Commission's Treasury Management [PDF] http://www.eca.europa.eu/Lists/ECADocuments/SR09_05/SR09_05_EN.PDF

---