According to the annual report of the European Court of Auditors, as per the Telegraph, £5.5BN of the EU budget last year was misspent because of controls on spending that were deemed to be only “partially effective”.
The audit report highlights that £109BN out of a total of £117BN spent by the EU in 2013 was "affected by material error”.
This means that the EU's accounts have been qualified 19 years running.
Any business that produced such a dismal set of audit results would be torn to shreds by its shareholders, and subjected to a thorough fraud investigation. Unfortunately the EU is, by its own reckoning, above the law and hence will not change its ways unless forced to.
Given the stench of corruption that emanates from Brussels, it is surprising that its MEPs and Commissioners aren't wearing gas masks!