Financial health check

The EC adopts a multiple layer approach to controlling its funds : the first level control is required by and specified in the grant agreement (for example expenditure verification for DG DEVCO and DG NEAR or a Certificate on Financial Statements for Horizon 2020) whereby usually the beneficiary contracts the auditor or national governments assume this responsibility, a second level control is performed by the EC itself or its contracted framework auditors and a third level control can be performed by for example the European Court of Auditors (ECA) or the European Anti-Fraud Office (OLAF).

This is an aspect that is often not known by beneficiaries, especially first time fund recipients. A grant is not a free ride. Eligibility is the key word. It is therefore very important to get the application of the EU eligibility rules, which are in general very detailed and burdensome, right from the beginning. “How to get it right ?” should be one of your main concerns when implementing EU funds. EU audits are often harsh and follow strict rules that could lead to painful financial recoveries. We can help you with getting things right or mitigate issues to minimize the financial impact. A health check can take different forms : a high-level review (quick scan) highlighting the main issues, a specific review on certain costs or cost categories or an in-depth review to ensure full compliance. Also here applies : better safe than sorrow.

Did you know that...

many audit findings relate to personnel costs or procurement, both cost categories have elaborated and specific EU eligibility criteria that are not always easy to comply with.