Scandal-hit EU innovation agency disputes auditors’ finding that €8.7m may be unrecoverable

The European Institute of Innovation & Technology (EIT) failed to receive a clean audit opinion, highlighting financial discrepancies including an €8.7m recovery uncertainty. The European Court of Auditors (ECA) reported that the EIT's accounts did not accurately reflect this figure, raising concerns about taxpayer money management. Despite acknowledging some impairment, the EIT disputes the amount, claiming it is only €0.5m. The agency's financial practices have faced scrutiny, particularly regarding the management of knowledge and innovation communities (KICs). The EIT plans to improve reporting periods to address identified risks.