D4 EC Financial Audits in Horizon Europe

You will become an EC auditor for a day! Many are intimidated by financial audits, particularly level-2 audits conducted by EC  (or EC-appointed external) auditors. Did you know that one way to overcome this fear is to try to see things from the "other" side?  

In the morning, attendees will be given a detailed introduction on the theory sides of these level-2 ex-post financial audits – definitions, list of documents requested, do’s and don’ts during the implementation and audit preparation. After this, they will be divided into groups of 4 to 6 each, and receive full-project documentation (invoices, reports, timesheets, contracts, etc.). They will act as a group of auditors, recalculating the reported costs and identifying deviations, errors, and mis-claimed amounts. It's much more fun to find the errors than to make them! This will also be a competition to see which group finds the most hidden things.  

We will assess and discuss what should have been discovered, accepted, and/or rejected, and learn about how real-life audits are conducted, what to expect from the auditors, how to prepare, and what to do if different audits have different conclusions on the same things. 

AGENDA                                                                                                                     

08:45 – 09:00       Registration

09:00 – 09:15       Event Opening    

09:15 – 09.45       Financial Audits – the Theory  

• Reviews or audits? – explaining the processes
• Timing of audits and expected timelines
• Requested documents and potential bottle necks
• Requirements on personnel costs, contracts, job descriptions, etc

09:45 – 10:15     Workshop: The EC Audit – Kick-off Meeting: Briefing of the "Auditors" 

The Participants (now as Auditors) are briefed about the Workshop – introducing the audited company, its accounting and management principles, and the project that is being checked. Defining the scope of the Workshop competition! 

(10:15 – 10:30 Coffee Break)

10:30 – 13.30    Workshop: The EC Audit

Participants become EC Auditors – all participants in small group of 4-5 each receive a tailor-made HE project documentation, including Financial Statements (Form Cs), full financial background documentation, a project periodic report and other supporting documentation for a virtual HE project. 

(12:00 – 12:45 Lunch Break)

13:30 – 14:30    Analysis of the Workshop and EC audits in practice

Discussing the findings of the audit process, finalising the Draft Audit Report. Possible consequences and outcomes of the EC Audits. Announcing the winner group of the workshop.

14:30 – 15:00    EC audits in practice

Learn how to avoid errors in the financial administration and reporting of your HE project; and about the typical mistakes and systematic errors in personnel costs that may lead to significant losses. Understand the processes before, during and after of EC financial audits; and get an insight to the on-site audit process and to managing it successfully!