Structural Funds Audit
With the accession to the European Union, Romania can access the structural funds and other financial instruments available for EU member states. They represent a huge opportunity for applicants for funding in most areas: economic, social, cultural or local government. Due to the experience and high professional level of our team, PKF Econometrica collaborates with numerous companies that benefit from non-reimbursable financing.
Description of the procedures that will be the subject of the audit of the non-reimbursable funds
⚫ Carrying out the related audit procedures in accordance with the International Auditing Standards and with the Code of Ethics for Professional Auditors, issued by IFAC;
⚫ Obtaining a sufficient understanding of the project, the terms and conditions of the Financing Agreement, its annexes as well as other relevant information
⚫ Verification of eligibility of expenditures requested by the Beneficiary
⚫ Compliance of expenditures with the project budget
⚫ Verification of public procurement
⚫ Verification of compliance with the accounting rules from the financing contract;
⚫ Verification of the total amount requested for payment by the beneficiary with the General and Specific Conditions of the financing contract, as well as the total amounts provided by categories of expenses;
⚫ Verification of the revenues of the action (if the revenues were correctly recognized and recorded in the accounting records of the financed project);
⚫ Correct application of exchange rates for currency conversions, where applicable and in accordance with applicable national legislation.
⚫ Issuance of the Report on Factual Findings.