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FP6 Financial Info & FAQs --> Project --> Audits --> Audit Certificates --> Audits FAQs


Is there any difference between the FC and FCF cost models in terms of auditing requirements? What are they precisely?


In the FCF cost model the auditor is not asked to check or report on the indirect cost rate (although if he is prudent he will check that the right cost model is being used).


In the FC cost model the auditor needs to check the basis of the overhead calculation, its “accuracy” and that it reflects the organisation’s “normal” practice and books of account. Although not included in the model audit report (certificate) auditors are frequently being asked to add a paragraph about the overhead rate under FC.

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