Common use of Financial audits and controls Clause in Contracts

Financial audits and controls. 1. The REA or the Commission may, at any time during the implementation of the project and up to five years after the end of the project, arrange for financial audits to be carried out, by external auditors, or by the REA or the Commission services themselves including OLAF. The audit procedure shall be deemed to be initiated on the date of receipt of the relevant letter sent by the REA or the Commission. Such audits may cover financial, systemic and other aspects (such as accounting and management principles) relating to the proper execution of the grant agreement. They shall be carried out on a confidential basis.

Financial audits and controls. 1. The REA or the Commission may, at any time during the implementation of the project and up to five years after the end of the project, arrange for financial audits to be carried out, by external auditors, or by the REA or the Commission services themselves including OLAFXXXX. The audit procedure shall be deemed to be initiated on the date of receipt of the relevant letter sent by the REA or the Commission. Such audits may cover financial, systemic and other aspects (such as accounting and management principles) relating to the proper execution of the grant agreement. They shall be carried out on a confidential basis.