Not true. There is a persistent myth (reliably recycled every year by UK newspapers) that the European Court of Auditors has refused to sign off the EU’s accounts, but this is entirely false.
In the most recent audit year (2013), the Court gave a clean bill of health to the accounts for the seventh time in a row. This means every euro spent from the EU budget was duly recorded in the books and accounted for. Evidence
According to the European Court of Auditors, around 0.2% of the EU budget may have been subject to fraud. Any amount of possible fraud is unacceptable and needs challenging. But it’s worth noting that the figure of 0.2% is much lower than most national budgets! Evidence