GENERAL ASPECTS REGARDING THE AUDITING OF PROJECTS WITH NONREIMBURSABLE FINANCING

Lucia Morosan-Danila

European Journal of Accounting, Finance & Business, 2023, vol. 11, issue 1, 12-19

Abstract: An audit of projects with non-reimbursable financing is an important part of ensuring that the funds granted by public and private organisations are used appropriately and efficiently. Audits help to detect fraud, waste, and abuse, thereby protecting the public trust in the grant process. Audits are supporting the financing organisations, because they provide assurance that the grantee is meeting the objectives of the project (as formulated in the application form and assumed by the financing contract), as well as providing a way to assess the effectiveness of the project. Audits ensure that the grant funds are being used for the purposes for which they were intended and that the grantee is meeting the requirements of the grant, and that the project with non-reimbursable financing is being administered properly. This article aims to present the procedures and standards to be followed by the auditor in carrying out the verification and certification of expenses financed from non-reimbursable funds, according to national, European, international and financier norms. The necessity and importance of the field resides in the fact that annually funds of billions of euros are granted in the form of non-reimbursable financing all over the world.

Date: 2023
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