The financial statements of the European Commission are prepared in accordance with Article 80 of the Financial Regulation, whereby the EU prepares its financial statements in accordance with accrual accounting rules based on International Public Sector Accounting Standards (IPSAS). The study on the budgetary and financial management of the European Union aims to: identify and assess the risks of material misstatement of EU-funded projects due to fraud or error, understand the relevant internal audit controls to design audit procedures appropriate to the way EU projects are financed, assess the accounting policies and programmes used and the estimates of the accounting amounts adopted, analyse the structure and content of EU-funded projects. Overall, the EU budget expenditure estimates for 2020 have a relatively high error rate of 2.70%. In high-risk cost categories (mainly reimbursement schemes), beneficiaries often have to follow complex rules when claiming reimbursement of expenditure incurred, with an error margin estimated by the Court of Auditors of 4.00% (4.90% in 2019) [4].The proportion of high-risk costs in the population audited by the EAC is increasing, mainly due to the additional increase in Cohesion Fund expenditure (€20 billion), reaching 59% (53% in EAC 2019).