Donors · European Union
Associations, NGOs, local authorities and public bodies receiving an EU grant: above certain thresholds, the contract requires an expenditure verification report produced by a practitioner approved by the contracting authority. MGI BFC carries out these engagements on the Commission's model, in English and French. Registered with the Tunisian Order of Chartered Accountants (OECT), member of MGI Worldwide.
Agreed-upon procedures engagement under the Commission's terms of reference (ISRS 4400 Revised): we perform the defined procedures and report factual findings, without an audit opinion.
Examination of declared costs and revenue of the action: whether they are real, accurately recorded and eligible under the contract, based on supporting documents and the beneficiary's accounts.
Report on the Annex VII-A model, covering all expenditure not covered by a previous report, with the table of findings.
Review of supporting documents, the detailed breakdown of expenditure and its reconciliation with the financial report before fieldwork, to avoid costs being declared ineligible for lack of evidence.
1. Contract and terms of reference. Review of the grant contract, special conditions and budget; confirmation that the practitioner is approved by the contracting authority.
2. Sampling. Selection of expenditure to verify under the terms of reference; request for supporting documents.
3. Verification. Checks on documents, payments, exchange rates and compliance with the contract's procurement rules; discussion of each finding with the beneficiary.
4. Report. Factual findings report on the Commission's model, delivered to be attached to the interim or final report.
Office: Golden Tower Building B8.2, Centre Urbain Nord, 1082 Tunis. We work throughout Tunisia and remotely.
An audit results in an opinion on financial statements. Expenditure verification is an agreed-upon procedures engagement: the practitioner performs the procedures defined by the Commission and reports factual findings, without expressing an opinion.
The general conditions threshold is more than EUR 100,000 for the report attached to the final report. The special conditions of your contract may, however, provide otherwise: your contract is what applies.
The practitioner must be approved by the contracting authority and meet the requirements of the Commission's terms of reference. Verification may also be carried out directly by the contracting authority, the Commission or an authorised body.
No: each engagement is quoted in a tailored proposal, in line with the rules of the profession.
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