More than €133.6 billion of European Union budget payments last year were “affected by material error”, with official auditors expected to brand them as irregular and possibly illegal.
“Payments for 2014 are materially affected by error. We therefore give an adverse opinion on their legality and regularity,” the report concluded.
Responding to this UKIP MEP Jonathan Arnott, a member of the EU Budget Control committee said: “This year's Court of Auditors' report is scathing about how the EU mis-spends its money, just as Cameron tells us back home he's renegotiating with the European Union.
"The EU is a byword for corruption and waste. Now the EU’s own Court of Auditors has described its spending as ‘irregular and possibly illegal’. If its own auditors are so damning about its corruption, why should we contribute a penny piece to the EU?
"The error rate in the EU account is still a whopping 4.4%, more than double what would be considered acceptable."
"This represents almost €6 billion of taxpayers' money being thrown away.
"The report talks of a 'wholly new approach' being needed for EU investment and spending, and failure of the EU to manage its own budget. Year in, year out, taxpayers' money is wasted by the European Union.
"And the really sad part is, that Cameron doesn't seem to be negotiating anything on this.
"Once again, the Auditors have issued an 'adverse opinion' on the legality and regularity of payments - in laymans' terms, they are refusing to sign off the accounts yet again.
"If the EU can't even manage its own finances, the sooner we're out of this failing organisation the better."