Audit and Financial Control Sample Clauses

Audit and Financial Control. In order to ensure sound financial management of the Phare funds, the Beneficiary Country must have a system for management and control of assistance in accordance with generally accepted principles and standards in place. This system shall fulfil the requirements set out in Art. 164 of the Financial Regulation, and in particular provide adequate assurance of the correctness, regularity and eligibility of claims on Community assistance. The Beneficiary Country’s management and control systems shall provide a sufficient audit trail, as defined in Art. 7 (2) of Commission Regulation 438/200120. The competent national financial control authority shall carry out appropriate financial controls of all actors involved in the implementation of the programme. Each year an audit plan and a summary of the findings and main recommendations of the audits carried out and an outline of the follow-up given to past audit recommendations shall be sent to the Commission. Audit reports shall be at the disposal of the Commission.
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Audit and Financial Control. The accounts and operations of all activities carried out under the programme are subject to supervision and financial control by the Commission (including the European Anti-Fraud Office) and audits by the European Court of Auditors. This includes measures such as ex-ante verification of tendering and contracting carried out by the Delegation in the Beneficiary Country once the decentralised management applies In order to ensure the efficient protection of the financial interests of the Community, the Commission (including the European Anti-Fraud Office) may conduct on-the-spot checks and inspections in accordance with the procedures foreseen in Council Regulation (EC, Euratom) 2185/968. The controls and audits described above are applicable to all contractors and subcontractors who have received Community funds.
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Audit and Financial Control. In order to ensure sound financial management of the Phare funds, the Beneficiary Country must have a system for management and control of assistance in accordance with generally accepted principles and standards in place. This system shall fulfil the requirements set out in Art. 164 of the Financial Regulation, and in particular provide adequate assurance of the correctness, regularity and eligibility of claims on Community assistance. The Beneficiary Country’s management and control systems shall provide a sufficient audit trail, as defined in Art. 7 (2) of Commission Regulation 438/200120. The competent national financial control authority shall carry out appropriate financial controls of all actors involved in the implementation of the programme. Each year an audit plan and a summary of the findings and main recommendations of the audits carried out and an outline of the follow-up given to past audit recommendations shall be sent to the Commission. Audit reports shall be at the disposal of the Commission. 18 Council Regulation (EC, Euratom) 2185/96 of 11. November 1996, OJ L 292; 15.11.1996; p. 2 19 as referred to in the General Conditions relating to the Financing Memorandum” attached to the Framework Agreement 20 Commission Regulation (EC, Euratom) 438/2001 of 2 March 2001, OJ L 63; 3.3.2001, p.21
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Audit and Financial Control. 7.1 Revenue collected by MFAU will be deposited in a federally insured bank account.
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Audit and Financial Control. In order to ensure sound financial management of the Phare funds, the Beneficiary Country must have a system for management and control of assistance in accordance with generally accepted principles and standards in place. This system shall fulfil the requirements set out in Art. 164 of the Financial Regulation, and in particular provide adequate assurance of the correctness, regularity and eligibility of claims on Community assistance. 18 Council Regulation (EC, Euratom) 2185/96 of 11. November 1996, OJ L 292; 15.11.1996; p. 2 19 as referred to in the General Conditions relating to the Financing Memorandum” attached to the Framework Agreement The Beneficiary Country’s management and control systems shall provide a sufficient audit trail, as defined in Art. 7 (2) of Commission Regulation 438/200120. The competent national financial control authority shall carry out appropriate financial controls of all actors involved in the implementation of the programme. Each year an audit plan and a summary of the findings and main recommendations of the audits carried out and an outline of the follow-up given to past audit recommendations shall be sent to the Commission. Audit reports shall be at the disposal of the Commission.
Sample 1
Audit and Financial Control. On a Monthly Basis • The billing vendor will provide OFAU with a statement of the gross amount received through revenue recovery during the preceding calendar month. • The billing vendor will provide OFAU with a statement of monthly charges incurred and accrued for revenue recovery efforts during the preceding calendar month. OFAU will be responsible for reviewing the statement and be responsible for payment of such charges properly due and owing to billing vendor. On or before September 1, 2016 for the initial three (3) months of operation: • OFAU will provide TOWN with an interim report evidencing the number of calls generating bills, amounts billed, revenue received, accounts deemed uncollectible and such other non-privileged financial information as the TOWN may require. On a Quarterly Basis: • OFAU will provide the TOWN with reports prepared by OFAU or its billing vendor evidencing the number of calls generating bills, amounts billed, revenue received, accounts deemed uncollectible and such other non- privileged financial information as the TOWN may require. The reports and documentation required on a quarterly basis will be provided to TOWN in an acceptable and customary format. Nothing herein shall require OFAU to disclose a patient’s identity or other protected health information as governed by HIPAA or other governmental statute, rule or regulation. On an Annual Basis: • OFAU will have a review of its financial status and revenue recovery operations performed by a certified public accountant and a copy of such review shall be provided to the TOWN. The TOWN Board or its designee, will implement procedures and policies and provide for the orderly administration and review of revenue and reports generated from the ambulance and EMS revenue recovery process. The policies and procedures implemented by the TOWN shall not be unreasonably burdensome to OFAU or its billing vendor. Donations made to OFAU shall not be considered revenue for purposes of this paragraph.
Sample 1
Audit and Financial Control. In order to ensure sound financial management of the Phare funds, the Beneficiary Country must have a system for management and control of assistance in accordance with generally accepted principles and standards in place. This 13 Council Regulation (EC, Euratom) 2185/96 of 11. November 1996, OJ L 292; 15.11.1996; p. 2 14 as referred to in the General Conditions relating to the Financing Memorandum” attached to the Framework Agreement system shall in particular provide adequate assurance of the correctness, regularity and eligibility of claims on Community assistance. The Beneficiary Country’s management and control systems shall provide a sufficient audit trail, as defined in Art. 7 (2) of Commission Regulation 438/200115. The competent national financial control authority shall carry out appropriate financial controls of all actors involved in the implementation of the programme. Each year an audit plan and a summary of the findings and main recommendations of the audits carried out and an outline of the follow-up given to past audit recommendations shall be sent to the Commission. Audit reports shall be at the disposal of the Commission.
Sample 1
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Related to Audit and Financial Control

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  • Financial Management; Financial Reports; Audits 1. The Recipient shall ensure that a financial management system is maintained in accordance with the provisions of Section 2.07 of the Standard Conditions.

  • Financial Management, Financial Reports and Audits 1. The Recipient shall maintain or cause to be maintained a financial management system in accordance with the provisions of Section 4.09 of the General Conditions.

  • Financial Controls At all times, the Charter School shall maintain appropriate governance and managerial procedures and financial controls which procedures and controls shall include, but not be limited to: (1) commonly accepted accounting practices and the capacity to implement them (2) a checking account; (3) adequate payroll procedures; (4) procedures for the creation and review of monthly and quarterly financial reports, which procedures shall specifically identify the individual who will be responsible for preparing such financial reports in the following fiscal year; (5) internal control procedures for cash receipts, cash disbursements and purchases; and (6) maintenance of asset registers and financial procedures for grants in accordance with applicable state and federal law.

  • Submission of Audits and Financial Statements A. Audits Due the earlier of 30 days after receipt of the independent certified public accountant's report or nine months after the end of the fiscal year, Grantee shall submit electronically one copy of the single audit or program-specific audit to the System Agency via:

  • Audited Financial Statements The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholder’s equity for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

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