External Audit Reports Sample Clauses
The External Audit Reports clause requires one party, typically a service provider or contractor, to provide the other party with reports generated by independent external auditors regarding their operations, financials, or compliance with specific standards. These reports may cover areas such as data security, financial statements, or regulatory compliance, and are usually delivered on a regular basis or upon request. The core function of this clause is to provide transparency and assurance to the receiving party, enabling them to verify that the other party is meeting agreed-upon obligations and mitigating risks related to mismanagement or non-compliance.
External Audit Reports. External Audit Reports may be required. Refer to ARTICLE XII of this Agreement to determine whether you are required to submit an External Audit Report and the applicable due date.
External Audit Reports. If, at the request of Client, Service Provider creates any external audit opinion, external auditor's management letter, external auditors' Statement of Auditing Standards No. 70 or other report by an external auditor and provides all or part of that report to Service Provider's other customers, Service Provider shall charge Client for such report(s) on a pro rata basis, considering the charges to the other customers of Service Provider. If no other customers of Service Provider receive the external audit report(s) that Client requests, Service Provider shall charge Client on an equitable basis.
External Audit Reports. I.9.1. Whenever an external audit report is required, the main beneficiary or the associated beneficiary concerned shall provide an audit certificate prepared and certified by an external auditor, certifying that the costs incurred during that period and the documents submitted to the Commission meet the conditions required by this agreement and that all receipts have been declared. The certificate should expressly state the amounts that were subject to verification. The cost of this certification is an eligible cost under this agreement.
I.9.2 The beneficiaries are free to choose any qualified external auditor, including their usual external auditor, provided that it meets the following professional requirements:
a) the external auditor must be independent from the auditee;
b) the external auditor must be qualified to carry out statutory audits of accounting documents in accordance with the 8th Council directive 84/253/EEC of 10 April 1984 or similar national regulations.
I.9.3 A beneficiary that is a public body may opt for a competent public officer to provide an audit certificate, provided that the relevant national authorities have established the legal capacity of that competent public officer to audit that public body. Certification by external auditors according to this Article does not diminish the liability of the main beneficiary or associated beneficiaries according to this agreement nor the rights of the Community arising from Article II.19.