Common use of Project Audit Clause in Contracts

Project Audit. 1. The project, in which the value of the grant exceeds PLN 3,000,000 (in words: three million zlotys), is subject to a mandatory external audit. 2. An audit is an eligible cost if it commenced after at least 80% of the planned Project expenditures have been realized and is conducted in accordance with the guidelines attached as Appendix 3 to the Cost eligibility guide. 3. The Program Component Operator shall submit the audit report to the Center along with the Final Report. The Program Component Operator is obliged to comply with the audit recommendations and include them in the Final Report. 4. The report referred to in Paragraph 3 shall be kept by the Program Component Operator for the period referred to in § 13 Paragraph 26 of the Agreement, and shall be made available to the Center upon any request. 5. The report referred to in paragraph 3 shall be tantamount to verification of the eligible costs of the Project, if the audit was performed in accordance with the guidelines attached as Annex 3 to the Cost eligibility guide. 6. The auditing entity is selected by the Program Component Operator with observance of the rules referred to in § 10 of the Agreement, and must ensure that the audit is conducted by an auditor who meets the conditions set forth in Article 286 ufp21 . The auditing entity or auditor must not be a subsidiary of the audited entity, as well as an entity or auditor that audited the financial statements of the audited entity during the 3 years preceding the audit.