The Committee's responsibilities relate to supervising the implementation of EU's budget and the European Development Fund - including auditing of the accounts and balance sheets of the EU, its institutions and all agencies financed by the EU. The Committee carries out monitoring of the cost-effectiveness of Community financing during the implementation of EU policies. It has overseeing responsibilities related to the protection of EU's financial interests as a whole, including actions against fraud and irregularities in the implementation of the budget. Its responsibilities also involve supervising the financial activity of the European Investment Bank, as well as the relations with the Court of Auditors and the appointment of its members.