Audited Financial Acquittal
An audited financial acquittal report is prepared by someone independent to the organisation. It includes an income and expenditure statement for the grant audited 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.
There is no specific format for an audited financial acquittal, however it must:
- be accompanied by an audit opinion
- adhere to the applicable Australian Accounting Standards and be based on proper accounts and records
- verify that the funding has been spent on the activity in accordance with the Agreement, Schedule and Terms and Conditions
- pertain to Departmental funding only (an audited statement for your whole organisation is not acceptable)
- clearly differentiate income and expenditure relating to each grant you are funded for
- include SACS (Social and Community Services Supplementation) funding if applicable
- include any other expenditure detail required under the Grant Agreement and/or Grant Opportunity Guidelines.
There is no prescribed template for audited financial acquittals
What should your Organisation do in preparation?
- Check the financial acquittal requirements in your Grant Agreement Schedule (including the due date and financial reporting and audit requirements)
- If applicable, talk to your auditor about the financial acquittal requirements under the Grant Agreement
- Provide a copy of the Grant Agreement and this information to your auditor
- Prepare a timetable to meet these reporting requirements and agree on this with your auditor
How do I submit the Audited Financial Acquittal?
The audited financial acquittal is submitted by completing the online acquittal form and attaching your audit and audit opinion documents.
Links and instructions for the online acquittal form are sent to Funding Recipients 30-days before the acquittal due date.
If your Organisation is registered for the Grant Recipient Portal, you will be prompted to access your acquittal form directly from the portal links. If you require assistance to access the Grant Recipient Portal, please visit the Community Grants Hub website.
If your Organisation is not registered for the Grant Recipient Portal, you will be provided with a link and code to access the Financial Acquittal report. Please note that each acquittal has a unique link and access code, you cannot complete your acquittal using an old or alternate link.
Please see the task card on how to complete the online form for further information.
You can also submit your non-audited financial acquittal manually via email to DSSacquittals@communitygrants.gov.au
Need more information or advice?
If you need more information or assistance regarding your financial acquittal requirements, please contact your Funding Arrangement Manager.