EC Financial Audits in FP7. Real-life case studies of EC Audits in FP7 – what could go wrong?

Part 1: Introduction to the blog series

Most of us are implementing FP7 projects with very good quality from a technical and research perspective. Financial issues are also taken care of with extra attention. But only some of us have been through an FP7 financial audit conducted by the EC, and even less had it without negative consequences.

Everyone knows that the EC Financial Audits are "part of the game"; still, only few of us are prepared for it. Our training participants are always surprised to see how (fast...) an audit is implemented in the "real life"; and they are sometimes shocked to hear the "horror stories" we have experienced at our clients.

Still, concluding an FP7 financial audit without any major consequences is not a "Mission: Impossible" at all. As we are and have been involved in many FP7 projects, we have been audited several times during the previous years. So far, all of them had a "Happy end".  Of course, you have to know all the rules and you need to provide all of the requested documents, but sometimes it's not enough. You also have to find out what the auditors are looking for, and you have to experience your “manoeuvring” limits. Becoming good in this is a "learning-by-doing" process - as almost everything in FP7 Project Management.

This new thematic blog series will be published on a weekly basis, introducing the audit process, giving examples of previous audits and tips and hints on how to get prepared for an FP7 Audit.

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PS: If you would like to know more, come and experience how it is like to be audited or being an auditor at our upcoming FP7 Financial Management and EC Audits training course.





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