Certificates of Financial Statement (CFS) are forms completed by an external auditor selected by the beneficiary. They contain a number of questions (controls) which the auditor must answer (check) to verify the beneficiary accounting and control system or document, in relation to the execution of the project.
CFS are not audit certificates as in FP6: auditor are not asked to provide an opinion. Auditors are asked to make specific verifications and to report on them. Thus CFS use a standard format which is annexed to the grant agreement (Annex VII). The use of this format is mandatory.
|When it is required?|
CFS are only required with the cumulated Community financial contribution (not costs!) requested exceeds €375,000€.
This means for instance that:
- if the amount requested by a beneficiary is less than 375,000 for the first period, he should not submit a CFS.
- He should submit a CFS as soon as the cumulated requested funding for all former periods (not covered by any CFS) exceeds 375,000 euros.
- If the total funding received for a project by a beneficiary is below €375,000 euro, he should not submit a CFS for this project.
If a CFS is required, but not submitted, the costs of the period will be rejected.
In any case, the WEB tool will indicate if a CFS is required for a particular period: