Linkedin
Facebook
Email
more
The Australian Government and other providers offer billions of dollars of grant funding over thousands of programs. After securing your grant funding and commencing the funded project, one of the most common financial reporting requirements is to have your expenditure audited via a Grant Acquittal Audit.
Our Audit and Assurance team is here to help.
The Australian Government and other providers offer billions of dollars of grant funding over thousands of programs. After securing your grant funding and commencing the funded project, one of the most common financial reporting requirements is to have your expenditure audited via a Grant Acquittal Audit.
The purpose of a Grant Acquittal Audit is to provide an independent assurance opinion on whether funding has been used for the purpose for which it was intended in accordance with the grant agreement guidelines.
Given the multitude of grant opportunities in the marketplace, generally no two projects and grant agreements are the same.
We work with you to determine the timing, scope and format of both the statement being acquitted and the required audit report. Our Grant Acquittal Audits are completed in accordance with Australian Auditing Standards.
Frequently asked Grant Acquittal Audit questions:
A Grant Acquittal Audit is a process of verifying that the funding received through a grant have been used according to the grant agreement and that all financial reporting requirements have been met.
It ensures transparency and accountability in the use of grant funding, verifies that the funding received was used for its intended purpose, and ensures compliance with the grant terms and conditions.
Grant Acquittal Audits are usually required to be performed by a:
- Registered Company Auditor under the Corporations Act 2001 (Cth); or
- member of CPA Australia; or
- member of the Institute of Public Accountants in Australia; or
- member of the Institute of Chartered Accountants in Australia.
Maintain thorough and accurate records of all expenditure, regularly review compliance with grant guidelines, including all terms and conditions and also ensuring all financial records and reports are up to date. Conducting internal reviews prior to the audit can also be beneficial.
Commonly required documents include financial statements, bank statements, receipts, invoices, payroll records, and any other documentation that supports the expenditure of grant funding.
After our initial planning meeting with management, we provide a schedule of audit document requests required for the Grant Acquittal Audit,
A large majority of our Grant Acquittal Audits are completed remotely using a range of technology tools. You will then be able to upload the requested documents to our secure iManage Share platform which helps to facilitate the efficient transfer of information including the ability to upload large files at high levels of speed.
Alternatively, we can also arrange a traditional on-site visit should you prefer.
A Grant Acquittal Audit focuses specifically on the compliance and financial aspects of a particular grant, whereas a regular financial statement audit examines the overall financial health and practices of an organisation.
