Risk-Based Management Verifications Flashcard - Final

Front

In the context of risk-based management verifications, what does "proportionality" primarily refer to?

Back

Adjusting the intensity of verifications to the level of risk to the Union's budget.

Front

What is the recommended timing for the completion of management verifications in relation to the submission of accounts?

Back

Management verifications should be completed before the submission of accounts.

Front

Which of the following is an example of a risk factor specifically related to beneficiaries? Complexity of the operation. Significant budget of the operation. Beneficiary's capacity to implement the operation. Implementation delays.

Back

Beneficiary's capacity to implement the operation.

Front

Which of the following statements best describes the Managing Authority's responsibility regarding the risk assessment?
The Managing Authority can fully outsource the risk assessment to a third party.
The Managing Authority retains responsibility for the risk assessment methodology, even if some tasks are delegated.
The Managing Authority is only responsible for reviewing the risk assessment prepared by the beneficiaries.
The Managing Authority has no direct responsibility for the risk assessment.

Back

The Managing Authority retains responsibility for the risk assessment methodology, even if some tasks are delegated.

Front

What is the primary purpose of the "Single Audit Principle" in the context of fund management?

Back

To prevent unnecessary duplication of controls at the beneficiary level.

Front

In the context of management verifications, how are errors detected by the Managing Authority treated differently from errors detected during audits by the Audit Authority?

Back

Errors detected by the Audit Authority are projected to the entire population, while Managing Authority errors are not.

Front

Which of the following is a key characteristic of e-Cohesion? It increases the administrative burden for beneficiaries., It facilitates the secure exchange of documents between Managing Authorities, Intermediate Bodies, and Audit Authorities., It slows down the process of fund implementation., It requires beneficiaries to submit paper documents.

Back

It facilitates the secure exchange of documents between Managing Authorities, Intermediate Bodies, and Audit Authorities.

Front

How long should supporting documents relating to expenditure claimed for an operation be kept? Options: 3 years, 10 years, 5 years after December 31 of the year the last payment was made, Indefinitely

Back

5 years after December 31 of the year the last payment was made.

Front

Within a selected payment claim or operation, is it mandatory to verify all expenditure items and supporting documents?

Back

No

Front

Can Managing Authorities/Intermediate Bodies focus on higher-risk areas during verification?

Back

Yes, Managing Authorities/Intermediate Bodies can focus on higher-risk areas.