(http://www.ecb.europa.eu/stats/exchange/eurofxref/html/index.en.html ), determined over the corresponding reporting period. If no daily euro exchange rate is published in the Official Journal of the European Union for the currency in question, conversion shall be made at the average of the monthly accounting rates established by the Commission and published on its website ( ), determined over the corresponding reporting period. A guide to currency conversion to euro is available from the INEA website: b) For Beneficiaries with accounts established in euros The Beneficiary applied its The Auditor sampled ______ cost selected randomly and verified that the exchange usual accounting practices. rates used for converting other currencies into euros were in accordance with the following ( rules established in the Agreement full coverage is required if there are fewer than 5 items, otherwise the sample should have a minimum of 5 item, or 10% of the total, whichever number is the highest): Costs incurred in another currency shall be converted into euro by applying the Beneficiary’s usual accounting practices. F COMPLIANCE WITH ELIGIBILITY PERIOD F1 a) Regardless of their nature, the Auditor samples the 10 earliest dated and 10 latest dated The costs declared were transactions in the financial statement). If cost items falling into this category have already incurred within the reporting been sampled under previous checked, and eligibility verified, the test does not have to be period and free from repeated. costs set out in Article The Auditor inspected the sample and verified that: II.19.4 of the Agreement. the declared costs were incurred during the reporting period covered by the cost declaration; The declared costs were the declared costs were accounted in line with the beneficiary's usual accounting practice; accounted according to the 'The Auditor verified that no ineligible such as deductible VAT, exchange rate losses, Beneficiary's usual accounting excessive or reckless expenditure were declared (see Article II.19.4 of the Agreement) practice.
(http://www.ecb.europa.eu/stats/exchange/eurofxref/html/index.en.html ), determined over the corresponding reporting period. If no daily euro exchange rate is published in the Official Journal of the European Union for the currency in question, conversion shall be made at the average of the monthly accounting rates established by the Commission and published on its website ( ), determined over the corresponding reporting period. A guide to currency conversion to euro is available from the INEA website: b) For Beneficiaries with accounts established in euros The Auditor sampled ______ cost selected randomly and verified that the exchange rates used for converting other currencies into euros were in accordance with the following rules established in the Agreement ( full coverage is required if there are fewer than 5 items, otherwise the sample should have a minimum of 5 item, or 10% of the total, whichever number is the highest): Costs incurred in another currency shall be converted into euro by applying the Beneficiary’s usual accounting practices. The Beneficiary applied its usual accounting practices. F COMPLIANCE WITH ELIGIBILITY PERIOD F1 a) Regardless of their nature, the Auditor samples the 10 earliest dated and 10 latest dated transactions in the financial statement). If cost items falling into this category have already been sampled under previous checked, and eligibility verified, the test does not have to be repeated. The Auditor inspected the sample and verified that: the declared costs were incurred during the reporting period covered by the cost declaration; the declared costs were accounted in line with the beneficiary's usual accounting practice; 'The Auditor verified that no ineligible such as deductible VAT, exchange rate losses, excessive or reckless expenditure were declared (see Article II.19.4 of the Agreement) The costs declared were incurred within the reporting period and free from costs set out in Article II.19.4 of the Agreement. The declared costs were accounted according to the Beneficiary's usual accounting practice.
cef_mga_annex_vii_revision_nov_2017_approved_clean.docx