Grant Acquittal Audit
Not for profit – Grant Acquittal Audit
What is a grant acquittal?
- A requirement of many funding agreements is for a grant acquittal to be performed by the recipient of the funding, to the organisation providing the funding. An acquittal can take a number of forms and often depends on the size of funding, whom it is being received from or what it is being received for.
- An acquittal is required to be sent to the funding provider and a review of the acquittal often impacts of the eligibility of future funding, so it is important that compliance with the funding agreements is achieved.
- Various acquittal requirements may include:
- Financial report
- Written reports
- Documentation of activity performance
- Where funding was spent
Funding agreement
- It is important that you are aware of the conditions set out in your funding agreement. These agreements can set out when funding will be received, requirements on how money is to be spent, whether it needs to be paid back if it is under spent and the requirements for an acquittal etc.
Audit requirements
- Some grant acquittals require audited financial statements in accordance with Australian Accounting Standards in respect of the funding, as to whether the financial information for the activity represents the financial transactions fairly and is based on proper accounts and records. The audit must be performed by an approved auditor.
How can we help?
We can
- assess your grant reporting requirements
- provide assurance services and
- assist with the preparation of grant acquittals
1 Accountant’s audit division extensive experience in the provision of audit and related assurance services to both the for profit and not for profit organizations.
We would be happy to meet with you to discuss your funding agreement and acquittal requirements
In today’s costly and highly regulated environment the importance of a robust audit and risk assurance process is of crucial importance for all stakeholders in any organization.
1 Accountants provide independent and impartial advice while ensuring compliance with current regulatory requirements and accounting standards. Our capability and experience in providing audit and risk assurance services include:
You will be amazed by the results derived by our expert team.
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