Audit and Control. The responsible auditing bodies of the EU, the Audit Authority of the Programme and the group of auditors are entitled to audit the proper use of funds by the partners. The Lead Partner is obliged to contract a competent body/organization which shall perform audit on project expenditures. The audit report must be produced by an auditor, who is a member of internationally recognized supervisory body for statutory auditing. The audit report must be attached to the final report of the project. The Managing Authority is entitled to verify and to control the proper use of funds by the Lead Partner and its partners through Controllers. The verifications to be carried out shall cover administrative, financial, technical and physical aspects of project implementation, as appropriate. The Managing Authority may delegate tasks to the National Authority, therefore the National Authority may act in the name and on behalf of Managing Authority as far as items 1 and 3 is concerned. In accordance with Article 108 of Regulation (EC) No 718/2007, national controllers are designated by each participating country to verify the legality and regularity of the expenditure declared by each project partner participating. The controls may include on-the spot checks, ex-ante and ex-post checks of documentation or other proof regarding specific project outputs and/or results. The Lead Partner shall ensure that expenditures of each partner have been verified and ensure that the expenditures are in accordance with national and Community control requirements. The Lead Partner and its partners will produce all documents required for the audit, control or evaluation, will provide necessary information and give access to its business premises, will allow performing of measurements and investigations related to the project, auditing of accounting documents and other documentation for a period of three years following the closure of the Programme.
Appears in 2 contracts
Sources: Subsidy/Grant Contract, Subsidy Contract