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FP7 Financial Info and FAQs --> FP7 Certificates --> New FP7 Certification Concept

Certification concept is new in FP7.

·         Certification will be provided on the basis of "Agreed Upon Procedure" (AUP)

·         AUP, the auditor provides information according to a specific format specified via agreed terms of reference (ToR)

·         ToR is annexed to the Grant Agreement (Annex VII)

·         AUP is derived from common practice in audits and corresponds to international audit standards

·         2 types of AUP: Report of factual findings on

-         expenditure verification

-         system verification

 

Certification on Financial Statements (CFS) = AUP for expenditure verification

·         Mandatory when requested funding reaches 375,000 Euros (except for project of two years or less: the CFS is submitted at the end)

·         Mandatory for every beneficiary, except if certification on the methodology is provided

 

Certification on the methodology = AUP for system verification aims at certifying the methodology of calculating (average) personnel costs and overhead rates

·         Valid throughout FP7, on a voluntary basis, must be accepted by EC

·         Particularly aimed at legal entities with multiple participations. Waives the obligation of certificates for interim payments

·         Simplifies certificate for final payment

 

Advantages for system verification

·         The EC will receive consistent certifications and cost claims cleaned from errors

·         Beneficiaries will gain legal security

·         Beneficiaries in many projects will have to submit less certificates

·         EC and beneficiaries will have less processes to handle: less certificates

·         EC gains significantly in terms of assurance on legality and regularity

Certificate On Methodology FAQs


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