BRUSSELS (AP) — The European Union's top auditor says the EU and its institutions need to revamp and improve financial governance to counter the distrust among its citizens.

The European Court of Auditors signed off on the EU's accounts of 2015 and said that even if the level of errors on expenditures had again gone down, to 3.8 percent, there was still much room for improvement.

And the Court's president, Klaus-Heiner Lehne, said that "people cannot even begin to trust us if they do not believe we are looking after their money properly."

For years, anti-EU parties have targeted wayward EU spending and sometimes outright fraud. On Thursday too, the UKIP party that boosted Britain's EU exit vote, said that the EU has "obviously lost control of the money tap."