Audited Financial Acquittal
This reporting type is an independently audited financial acquittal report; which includes an income and expense statement for the grant, audited by:
- a Registered Company Auditor under the Corporations Act 2001 (Cth); or
- a member of CPA Australia; or
- a member of the Institute of Public Accountants in Australia; or
- a member of the Institute of Chartered Accountants in Australia.
The income and expense statement should be accompanied by an audit opinion. The financial acquittal report should also confirm that the funding has been spent in accordance with the Grant Agreement, Schedule and Terms and Conditions.
When should my Organisation complete an Audited Financial Acquittal?
Your Organisation will complete an Audited Financial Acquittal where your Grant Agreement states that your financial acquittal requirement is an ‘Audited Financial Acquittal’.
Notes on audited financial acquittals
Audited financial acquittals must:
- adhere to the applicable Australian Accounting Standards and be based on proper accounts and records;
- verify that the grant has been spent on the activity in accordance with the Agreement; and
- include any other matters as specified in the Agreement.
In most cases the Department requires a separate income and expense statement pertaining to the Department’s funding only. An income and expense statement for your entire Organisation is not acceptable. If your Organisation is funded for more than one activity, a single acquittal report can be provided. However, this report must clearly differentiate the income and expenditure relating to each grant you are funded for, unless otherwise specified in your Agreement.
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; and
- Prepare a timetable to meet these reporting requirements and agree on this with your auditor.
Social and Community Services (SACS) supplementation funding
If your Organisation receives Social and Community Services (SACS) funding you will also need to complete a SACS Financial Declaration.
Need more information or advice?
If you need more information or assistance regarding your financial acquittal requirements, please contact your Grant Agreement Manager.