The European Court of Auditors, based in Luxembourg, checks EU revenue and expenditure for legality and regularity and ensures that financial management is sound. It reports any irregularities to the European Parliament and the Council, and its audit responsibilities have been extended to Community funds managed by outside bodies and by the European Investment Bank.
The European Court of Auditors is one of five institutions of the European Union. Its "mission is to audit independently the collection and spending of European Union funds and, through this, assess the way that the European institutions discharge these functions".