The work of CONT committee involves controlling and monitoring the correct, targeted use of the budget (some EUR 166 billion in 2019). The main responsibility for budget management lies with the European Commission, which distributes the lion's share of the funds. Some 80% of the money goes to the Member States, around 13% is invested around the world, and roughly 7% is spent on administration.

The Committee on Budgetary Control is supported in its work by the European Court of Auditors (ECA) in Luxembourg. The remit also covers the European Anti-Fraud Office (OLAF) and the European Investment Bank (EIB). CONT is also involved in all legislative procedures concerning issues relating to the proper management of the budget and the safeguarding of the EU's financial interests. The Committee is also committed to having a robust European Public Prosecutor's Office.

CONT - REGI joint committee - ECA Special report 24/2021: Performance-based financing in Cohesion policy: worthy ambitions, but obstacles remained in the 2014-2020 period