Arqus Community of Practice on project finance management meets in Leipzig

The eighth meeting of the Arqus Community of Practice ‘Projects Finance Management Offices (PFMO)’ took place in Leipzig from 25 to 27 November 2025. The community aims to advance project finance management by sharing expertise and building collective knowledge within the European University Alliance and at individual institutions. 

The meeting went far beyond simply sharing experiences, providing a platform for in-depth discussions on the key aspects of financial audits and reporting. Participants explored European Commission audits, CFS and other external audits, approaches for justifying high-value project expenses, and SPA audits. The discussions focused on fostering alignment of practices across institutions, enhancing transparency, and jointly developing a comprehensive audit strategy, including preparation for external audits, to strengthen compliance and audit readiness, reflecting the tangible outcomes and collaborative achievements of the meeting.

In this context, Milena Tamošiūnienė from Vilnius University played a particularly significant role. As the institutional lead responsible for all external project audits at Vilnius University, she drew on her extensive long-term experience to present a comprehensive audit strategy designed to strengthen early error detection, ensure transparency in financial documentation, and align internal processes with European Commission requirements. Her contribution offered a clear, structured, and highly practical methodology that resonated strongly with participants and supported the broader meeting objective of developing unified approaches across the Arqus alliance.

Dr Olaf Hirschfeld, Head of Internal Auditing at Leipzig University, presented the university’s role as the first-level controller of financial reports in EU projects.

‘Meetings like this offer a great opportunity to exchange ideas with finance and project managers from other European universities, identify common challenges, and learn from each other,’ said Anja Radon from Leipzig University, who organised the meeting. 

The meeting strengthened the cooperation between Arqus universities in the area of project finance and established a foundation for unifying audit standards. According to PFMO CoP Lead Aleita Markevič,  the active participation of every partner was crucial in discussing such a complex topic. Each contribution helped deepen the discussions, share expertise, and ensure that all perspectives were considered. It was also significant that this meeting could take place thanks to the support of the Arqus Innovation Fund, whose contribution greatly enhanced the outcomes and enabled a more effective and impactful exchange among partners.

The strategies and best practices developed aim to increase transparency and efficiency in financial audits in the future. The next meeting of the PFMO working group in Graz is already being planned on 27-28 May 2026, with the aim of further developing the approaches established in Leipzig and continuing the exchange of experiences.

Article and photo by Steven Rupp