Financial Audits & Issues for Turkey

The Certificate of Financial Statement (CFS) is a report produced by an independent auditor or Public Officer. Its purpose is to enable the European Commission to check whether costs declared in the financial statements are eligible. A beneficiary must submit a separate CFS only if the total reimbursement of costs is 325.000 € or more.

The project coordinator must send the CFSs to the Commission, with the final report, within 60 days of the end of the last reporting period. The cost of the CFS is eligible but only in the last reporting period. CFS costs are not eligible if this is not mandatory (e.g. the beneficiary receives less than 325.000 €).

The EC provides a model upon which the CFS should be based. This is attached to the Grant Agreement (Annex 5) and consist of:

• A template for the terms of reference, signed by the beneficiary/linked third party and the auditor/Public Officer.
• A model for the auditor's independent report of factual findings. This report must be issued on the auditor's or Public Officer's letterhead, dated, stamped and signed by the auditor/Public Officer.

Financial Training: Audits, Regulations & Laws in Turkey

Although Horizon 2020 follows a universal set of rules applicable to all Member States and Associated Countries, National regulations and law apply and must be followed. The 2 attached presentations approach financial management of the grant from the point of view of a certified auditor. As such they are invaluable even to beneficiaries where a Financial Certificate is not mandatory.