Treasury of the Republic of Cyprus


Functions of the Verifications and Certification Directorate
The Verifications and Certification Directorate of the Treasury of the Republic of Cyprus has been designated through Council of Ministers Decisions to perform the functions of the Certifying Authority, AFCOS, the central intermediate body for administrative verifications of expenditure and to support the financial management of all Operational Programmes co-financed through European Structural and Investment Funds under shared management with the European Commission.

In performing its functions as the Certifying Authority its responsibilities mainly include:

1) drawing up and submission of payment applications to the Commission, and certifying that they result from reliable accounting systems, are based on verifiable supporting documents and have been subject to verifications by the managing authority or its Intermediate Bodies;

2) drawing up the accounts for each Operational Programme and for every accounting period, while certifying their completeness, accuracy and veracity and that the expenditure entered in the accounts complies with applicable law;

3) taking account of the results of all audits carried out by national or EU audit bodies and ensuring the adequate functioning of the national management and control system.

Its responsibilities under AFCOS include the collection of any irregularities detected either by the Directorate itself or by any other responsible body in the course of verifications or audits and their notification to the EU Anti-Fraud Office (OLAF), in accordance with the provisions of the relevant regulations.

As the Central Intermediate Body for Administrative Verifications of Expenditure it performs project level Financial Controls on all expenditure submitted by beneficiaries before the certification of payments to the European Commission, in close cooperation with other Intermediate Bodies responsible for performing on the spot technical controls for co-financed projects.

The tasks performed by the Directorate under the scope of the Financial Management for all co-financed Operational Programmes, include supporting the Managing Authority and other national responsible bodies through:

1) issuing guidelines concerning, among others, the eligibility of expenditure, management verifications and financial flows and providing the respective user requirements for the development of the national Monitoring Information System for the management of the Funds;

2) providing training in the areas of its responsibilities to all bodies involved in the management of the funds;

3) supporting other intermediate bodies in the performance of administrative verifications through the use of a framework contract set up by the Treasury to that effect, or the development of Simplified Cost Option methodologies.