The European Commission has strongly refuted "lurid" claims that the computer accounting systems controlling its £63bn budget are open to fraud.
Reports in the Financial Times suggested that the Commission was preparing to scrap its accounting systems for not being "up to the job".
But suggestions that the update was needed because current systems are open to fraud were fiercely denied.
"The claim runs contrary to independent reports, which show that our systems are reliable," said Commission spokesman, Eric Mamer.
In May this year, the Commission's chief accountant Marta Andreasen was suspended following a series of allegations about the accounting systems.
The Commission is planning to move to the accrual method of accounting, where income is reported at the time it is earned whether or not it has been received.
Andreasen had written to Commission president, Romano Prodi, saying there was an urgent need to update the accounting software. She warned that the systems were open to fraud and error.
Conservative MEP David Sumberg has called for Andreasen to be reinstated and for her claims to be investigated.
"The European Union's suspension of its chief accountant Marta Andreasen after she blew the whistle on its financial incompetence is one of the most shameful chapters in its history," he said in a statement.
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