The European Commission recently announced updates to the Certificate on Financial Statement (CFS ) report, aimed at enhancing clarity and precision in the audited procedure. This development holds profound importance, not only for auditors but also for beneficiaries seeking guidance on the effective management of their grants.
The revised CFS template provided by the European Commission includes detailed clarifying the calculation of daily rates. This clarification becomes particularly pertinent as concerns arose regarding the disparity between calculations outlined in the Grant agreement and those articulated in the Annotated Grant Agreement (AGA).
Nevertheless, we recommend following the European Commission’s online training to seek further validation for the Personnel Cost calculation.
In light of these updates, auditors and beneficiaries alike are encouraged to familiarize themselves with the revised CFS report and leverage its insights to ensure compliance and accuracy in reporting the cost.
