Grant competitions for non-profit organizations in Ukraine are a quite common experience lately. Usually the grantmakers (mainly they are European and international funds) put forward strict requirements to the organizations willing to receive financial aid. One of them is being audited. In that way the grantmaker can be confident as to the targeted use of funds, integrity and reliability of the financed organization.
If your charity or social organization is getting ready to participate in the grant competition or you cooperate with the grantmaker already, and, according to the contract, should be audited by independent auditors, you will have то obtain much more detailed knowledge of the audit procedure of non-profit organizations.
What are stages of the audit of grants?
- The first stage is preparatory. It foresees the auditors’ in-depth familiarity with the non-profit organization and fund-grantmaker, discussion of audit scope and terms of contract.
- The second step will be a contract conclusion and appointment of people within the organization being responsible for provision of all necessary information to the auditors.
- The third stage is the audit itself. The auditors analyze economic and financial activities of the organization as well as correctness of use of granted funds.
- The fourth stage is concluding. The auditors provide their report (auditor’s opinion) in which they confirm (or do not confirm) the trustworthiness of financial statements and targeted use of granted funds.
Audit for receipt of grant. How to select an auditor?
The grantmakers can put forward certain requirements to the auditing company. For example, the most important criterion can be a membership of the auditing company in the international audit organization or network and the auditors’ knowledge of International Financial Reporting Standards.
It goes without saying that the company should be included in the register of audit companies of the Auditors’ Chamber of Ukraine and pass a quality control of audit services.
Audit of non-profit organizations offered by AC “Global Audit”
Our company offers the audit of grants for non-profit organizations. You can benefit from wide experience and professional skills of certified auditors of AC “Global Audit”.
- 17-years’ experience in provision of audit services to Ukrainian companies.
- 2 offices in Ukraine: in Kharkov and Kiev.
- The only representative of AGN International in Ukraine (International Association of Independent Audit and Advisory Businesses being in the top five of the world’s largest audit associations).
- Our auditors have certificates of the Auditors’ Chamber of Ukraine and diplomas in International Financial Reporting (DipIFR).
- Our audit services quality control system is approved by the Auditors’ Chamber of Ukraine.
In order to get more information about the audit of grants, please, address our specialist having filled in an application form. We will be glad to answer all your questions.