annual audited financial statements which shall be prepared in accordance with EU generally accepted accounting principles, audited by an Audit Firm appointed by EIF, and submitted to the Investment Board. Audited financial statements for the FoF shall be submitted not later than six (6) months following the last day of the reporting period; indicative FoF drawdown and disbursement forecast, including information on any foreseen Written Requests during a given calendar year, to be submitted to the Investment Board, for the first time not later than six (6) months after the Effective Date, and thereafter annually not later than six (6) months following the last day of the reporting period Indicative FoF (“Annual Drawdown and Disbursement Forecast”). 14.3 EIF agrees that any monitoring it conducts with respect to the Financial Instruments (including, where relevant, on a sample basis) will cover the following issues: whether Financial Intermediaries operate procedures with the aim of complying with EU laws and rules and procedures relating to the FoF and the Operational Agreement; whether the agreements by which financing is made available to Final Recipients contain provisions relating to audit requirements and audit trails in accordance with paragraph 1(e) of Annex IV to the CPR and include any agreed visibility requirements; whether an adequate audit trail is established for reporting and auditing purposes, in accordance with the relevant provisions of the CPR and applicable Delegated and Implementing Acts; whether the Financial Intermediaries retain any supporting documents which relate to the financing made available to Final Recipients for three (3) years from 31 December following the termination of the relevant Operational Agreement, or a longer retention period if required under applicable State Aid rules, as communicated to EIF by the MS in accordance with Clause 13.2; and whether the Financial Intermediaries operate procedures with the aim of (i) keeping supporting documents available to allow the verification of the legality and regularity of expenditure by the Financial Intermediaries and (ii) ensuring that the Financial Intermediaries can produce evidence that the funds have been used for the intended purposes, that the Financial Intermediaries are complying with the applicable EU and national laws and are complying with the criteria and conditionality attached to the funding they receive. 15. AUDITING 15.1 EIF agrees to maintain an adequate audit trail in relation to the FoF for reporting and auditing purposes and agrees to comply with the relevant provisions of the CPR and applicable Delegated and Implementing Acts.
annual audited financial statements which shall be prepared in accordance with EU generally accepted accounting principles, audited by an Audit Firm appointed by EIF, and submitted to the Investment Board. Audited financial statements for the FoF shall be submitted not later than six (6) months following the last day of the reporting period; indicative FoF drawdown and disbursement forecast, including information on any foreseen Written Requests during a given calendar year, to be submitted to the Investment Board, for the first time not later than six (6) months after the Effective Date, and thereafter annually not later than six (6) months following the last day of the reporting period (“Annual Indicative FoF Drawdown and Disbursement Forecast”). 14.3 EIF agrees that any monitoring it conducts with respect to the Financial Instruments (including, where relevant, on a sample basis) will cover the following issues: whether Financial Intermediaries operate procedures with the aim of complying with EU laws and rules and procedures relating to the FoF and the Operational Agreement; whether the agreements by which financing is made available to Final Recipients contain provisions relating to audit requirements and audit trails in accordance with paragraph 1(e) of Annex IV to the CPR and include any agreed visibility requirements; whether an adequate audit trail is established for reporting and auditing purposes, in accordance with the relevant provisions of the CPR and applicable Delegated and Implementing Acts; whether the Financial Intermediaries retain any supporting documents which relate to the financing made available to Final Recipients for three (3) years from 31 December following the termination of the relevant Operational Agreement, or a longer retention period if required under applicable State Aid rules, as communicated to EIF by the MS in accordance with Clause 13.2; and whether the Financial Intermediaries operate procedures with the aim of (i) keeping supporting documents available to allow the verification of the legality and regularity of expenditure by the Financial Intermediaries and (ii) ensuring that the Financial Intermediaries can produce evidence that the funds have been used for the intended purposes, that the Financial Intermediaries are complying with the applicable EU and national laws and are complying with the criteria and conditionality attached to the funding they receive. 15. AUDITING 15.1 EIF agrees to maintain an adequate audit trail in relation to the FoF for reporting and auditing purposes and agrees to comply with the relevant provisions of the CPR and applicable Delegated and Implementing Acts.
5.2.2_fof_funding_agreement.docx