Subject matter
Article 1
This Regulation lays down the following provisions supplementing Regulation (EU) No 223/2014: (a) rules specifying the information in relation to the data to be recorded and stored in computerised form within the monitoring system established by the managing authority; (b) detailed minimum requirements for the audit trail in respect of the accounting records to be maintained and the supporting documents to be held at the level of the certifying authority, managing authority, intermediate bodies and beneficiaries; (c) the scope and content of audits of operations and audits of the accounts and the methodology for the selection of the sample of operations; (d) detailed rules on the use of data collected during audits carried out by Commission officials or authorised Commission representatives; (e) detailed rules concerning the criteria for determining serious deficiencies in the effective functioning of management and control systems, including the main types of such deficiencies, the criteria for establishing the level of financial correction to be applied and the criteria for applying flat rates or extrapolated financial corrections.