ABSTRACT
The least known of the European Union(EU's) institutions is the Court of Auditors, based in Luxembourg. It was established in 1977, when it replaced an earlier Audit Board which had less sweeping authority. There are 28 members, one from each member state, who are chosen from persons who belong or have belonged to external audit departments in their own countries, or who are otherwise specially qualified. It also has the responsibility of ensuring that the financial management has been sound. Its function is similar to that of bodies like the Comptroller and Auditor General's department in the UK. Its role is highly influential, and its reports regularly lead to a considerable tightening up of EU procedures. In December 2014, the court fixed procedures for cooperation with the commission's anti-fraud office (OLAF) where suspicions had arisen in the course of its audit work of fraud, corruption or other illegal activity involving EU funds.
