1 National R&I Programme Auditing Procedure National Funding Unit 2013

2 Outline Introduction Why? How it was developed Approach Process CLOSURE Filing Structure & Templates Financial Technical Q&ANext Steps Purpose: Deploy Auditing Procedure for R&I Projects

3 Introduction Why audit? As awarding body MCST would like to ensure that: funds used effectively projects contribute towards National strategies Through auditing we aim to: resolve issues provide support and reduce repeat issues make investment in R&I programme improve the programme

4 Introduction How it was developed Benchmarking  Benchmarking allows to objectively evaluate key achievements of the project.  Each project is therefore expected to use reliable criteria for assessing progress and making the information available for public to allow comparison of research results.  It is important to evaluate the projects in a reproducible way

5 Introduction How it was developed Internally: Policy Unit, National Funding Unit  Externally: Auditors, UoM Projects Office

6 Introduction Evaluating of ongoing and finished projects should be made Interim Report  Interim Financial Statement  Final Financial Audit  Final Technical Audit  Scientific Audit 

7 Delay policy

8 Template for evaluating the project’s interim reports.

9 Preparing the financial report Whenever the change is made to the budget, please include a comment and justify the change, refer to MCST , stated the date when the permittion to change the budget was granted

10 Calculating your Eligible Funding Item Requested Funding as per Contract Actual Spend Eligible funding (up to 75% of Total Eligible Costs ) DifferenceCOMMENTS Personnel * 0.75 = (13000 * 0.75) € 0 Subcontracting € 0 Equipment € 0 Travel € 0 Other € 0 Indirect Costs * * (13000 * 0.75) * € 0 TOTAL € 0

11 Process leading to the project closure Preparation Period: complete financial audit 1st Notification by & Info Sessions PROJECT CLOSE-OUT MCST to send project- specific template Scheduled Scientific Audit Interviews: Scientific Audit Report completed by MCST Plan agreed with UoM Projects office & PwC Relevant documents available Accounts settled

12 Technical Audit Filing Structure Dissemination  Publications  Conferences  Thesis  Patents Externalization  Website homepage  Articles  Events  Printed material  One-pager Other You are now ready for technical audit interview

13 Templates Technical Audit One per consortium Prepare relevant documentation incl Certified Financial Statements

14 Technical Audit Interview  Project management  Feedback to programme  Concur on account balance  Photoshoot & promotional Q&A Audit Report  By MCST  Transfer of remaining funds to/from MCST Audit is now complete Project is closed out

15 Steps ItemBy WhenBy Who Send audit datesMCST Send guidelines and project-specific audit template Project Coordinator Confirm audit date with MCSTMCST Financial filingAudit Date – 3 weeks Project Coordinator Obtain financial audit certificate for each participant and send to MCST Audit Date – 1 week Project Coordinator Technical filingAudit Date – 1 week Project Coordinator