One of the main activities of the EY Centre of Excellence for the audit of EU funds (EY CoE) is to give assurance to the European Institutions on the legality, regularity and eligibility of expenditure incurred by beneficiaries of EU funding. This assurance is provided by performing financial audits at those entities receiving and benefitting from EU funds for the implementation of a wide variety of projects in many areas, from scientific research to development aid.
Every year, several hundred financial audits are performed by EY on behalf of the European Institutions. When performing these assignments EY auditors follow a specifically-tailored audit programme based on the applicable regulations of the funding programme or financial instrument the financial statements being audited fall under.
The objective of these financial audits is to assist the European Commission in determining whether the funds have been used in conformity with the relevant Grant Agreement conditions and whether the costs declared and paid are also in accordance with the same. Our multinational teams have been auditing EU-funded activities all around the world for more than a decade on behalf of various bodies such as DEVCO, DG Research, EEAS, DG Budget, DG REGIO and SESAR Joint Undertaking, among others.
Furthermore, the EY CoE is also becoming increasingly involved in the performance of audits of annual accounts of EU Agencies and Joint Undertakings as the primary engagement team coordinating multiple national component teams across the European Union.