How will the verification of expenditures (audit) be carried out?

According to Guidelines for Grant Applicants 2.5.12 and Grant Contract (Annex VII – expenditure verification)
According to the provisions of the Partnership Agreement the partners are obliged to have their expenditures certified by auditors approved by the Joint Managing Authority (JMA). In its turn the Beneficiary by signing the Grant Contract undertakes responsibility in front of the JMA for collecting all partners’ expenditure verification reports, drafting a financial section/ report for the whole action and presenting it to its auditor for examination. Partners are allowed to have separate auditors. 100 % of action expenditure must be verified by the auditor Verification means that the Auditor examines the factual information in the Financial Reports of the Beneficiary or in the table of eligible expenditure of the Partner and compares it with the terms and conditions of the Grant Contract and the Partnership Agreement. The Joint Managing Authority assesses for itself the factual findings reported by the Auditor and draws its own conclusions from these factual findings. Narrative and financial reports, supported by the auditor’s expenditure verification report, shall be produced in support of payment requests.