Audit

• Overview
• Statutory Audit
• Internal Audit
• Structural funds audit

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Structural funds audit

Through this service, Contexpert auditors provide managers with a technical picture of how EU funding acts were carried out. The auditing procedures are in compliance with the provisions of the International Standards of Auditing. The audit work is performed under the contract terms and taking into account the time of submission of the reports to the funds granting bodies.

The audit is compulsory for the European Union funding, however only a rigorous evaluation will ensure the reimbursement of the expenses and eliminate the risks to return the funds received and used for non-eligible expenses. Our audit also verifies the eligibility of expenses incurred in the project and confirms the eligibility of the sums required to be repaid. The auditor may make recommendations on how to improve the project’s activity. Even for smaller companies that manage EU-funded projects, this service is particularly helpful, thus checking the eligibility of expenses and the use of funds.Auditors are required to go through all the stages of such an evaluation: planning, control and accounting, assessment of the accounting systems and internal control, audit evidence, reporting. After taking these steps, the auditor issues a report observing the way in which the funding provisions have been met and the auditor is also responsible for reporting on the contract’s compliance. If the organization that has received funds has some special requirements related to the audit procedures, our auditors refer to such requirements.

The audit reports to be issued will contain:

• analysis and evaluation of the nature, legality and accuracy of all the expenses;

• evaluation of the use of the amount received in advance;

• auditing the accounts of third parties;

• reconciliation of expenses with specially designated accounts and the project budget;

• verification of the project income (including advances received from funder, interest on advances, co-financing and other income generated by the project);

• information on precise location of the headquarters where the documents are kept in the event that the original documents are to be verified by the European Commission or by the Court of Accounts.