What is an audit?

When you receive/claim costs for more than EUR 325 000 your cost must be audited. This audit is performed by your own auditor i.e. the auditor that normally audit your companies accounts. It is a limited audit of your project costs. However, the price for such an audit may be several thousand EUR. You can claim these costs as cost in your project. If the audit is at the end of the project be sure to get the costs included in the final cost statement.

In doing the audit get help from accounting and your research support team as it takes time and involves much detail. The value of a good and near cooperation between you and the accounting personnel in your organisation will now pay off!

The best way you and accounting can be prepared for this audit and understand in advance how it is performed is by reading Annex 5 to the Grant Agreement. It is the questions in the table there that the auditor must answer.