Article 8 Budgetary Principles, Accounts and Audits

All items of revenue and expenditure of BBMRI-ERIC shall be included in estimates to be drawn up for each financial year and shall be shown in the budget section of the Work Programme. The revenue and expenditure shown in the budget shall be in balance.

The Members shall ensure that the appropriations are used in accordance with the principles of sound financial management.

The budget shall be established, implemented and the accounts presented in compliance with the principle of transparency.

BBMRI-ERIC shall keep account of all income and expenses. The accounts shall be accompanied by a report on budgetary and financial management for the financial year.

BBMRI-ERIC shall be subject to the accountings standards as set forth in the applicable law in the Host Member State.

The financial year of BBMRI-ERIC is the calendar year.

The Assembly of Members shall appoint external auditors to examine the accounts. The external auditors’ appointment shall be periodically renewed according to the specific provision stated in the Financial Rules as approved by the Assembly of Members.

The external auditors shall submit a report on the annual accounts through the Finance Committee to the Assembly of Members. The Director-General shall provide the auditors with the information necessary for the performance of their duties.