Grants and other audits
Grants and other audits
About grants and other audits
Assurance regarding grants
There are many types of grants and possibilities for receiving support. This applies to both commercial enterprises and foundations.
These grants are often provided under various conditions, whereby an audit certificate or review report must regularly be provided with the settlement. The provider of the grant thus gains more certainty that the resources provided have been used properly. Often, the lawfulness of the expenses is therefore also an important part of the conditions.
Performing an audit or review engagement for a grant settlement is a true specialisation. Within The Audit Company, we have had many foundations as clients from the start. From here, we have been able to build up enormous experience with the most diverse types of grant statements. This is important because the grant conditions are not always clear in advance.
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By taking an active role and contacting grant providers where necessary, we have been able to help many clients in the past. We have often done this afterwards, but our advice is to involve us at an early stage in a grant application. This is to prevent conditions afterwards for which we can no longer determine compliance afterwards.
We are also happy to help you if your current accountant does not have the knowledge or capacity for a grant settlement. In recent years, we have been able to help many companies in this way with their NOW settlements.
We prefer to discuss the conditions prior to the grant application, but we can also help clients with their grant settlement afterwards.
Other audit and review reports
In addition to the audit certificate or review report for the annual accounts or a grant settlement, there are various other (financial) overviews for which there is a need for a certain degree of assurance. This may include an audit certificate regarding project turnover, a statement of sick leave, summarised financial information or a review report for a statement of insured interest or (consolidated) interim figures.
We can also help you with this. We focus on assurance engagements, but within this domain our services are very broad.
Our review approach: five phases to trust and insight
A review engagement requires diligence, personal attention and a good understanding of your organisation. With our structured approach, we ensure clarity and a well-founded opinion on your annual accounts.
1. Planning phase – Getting acquainted and understanding
We start with a personal introduction to gain insight into your organisation, business activities and administrative processes. Based on this, we determine the planning and scope of the review.
Goal: a well-prepared process that matches your wishes and situation.
2. Risk analysis and review approach – Focused and efficient
Together with you, we identify the most important risks that may affect the annual accounts. Based on this, we determine our review approach and the topics that deserve extra attention.
Goal: focus the work on the most relevant parts.
3. Information gathering – Investigation through analysis and discussions
During this phase, we conduct interviews with management and analyse financial information. We assess the creation of the figures and test the consistency and plausibility of the financial results.
Goal: gain insight into the reliability of the information provided.
4. Assessment and substantiation – Verification of plausibility
We combine the findings from our analyses and discussions to assess whether the annual accounts are plausible in all respects. We look at trends, deviations and the underlying documentation.
Goal: a professional substantiation of our conclusion.
5. Completion and reporting – Clear conclusion and advice
In the last phase, we discuss our findings with you and provide the review report. In addition, we provide practical advice to further strengthen your administrative processes and reporting.
Goal: clarity, certainty and valuable improvement insights.
Personal approach
Frequently asked questions
What is a review of the annual accounts?
A review of the annual accounts is an engagement in which we give a limited level of assurance about the accuracy of the financial information. This means that we check whether the figures are plausible and consistent, without performing a full audit.
When do I opt for a review engagement?
A review is suitable for organisations that do not have a statutory audit obligation, but do want to offer extra assurance to stakeholders, such as shareholders, grant providers or financiers. It is an efficient way to radiate confidence without the intensity of an audit.
What is the difference between an audit and a review?
In an audit, we give an opinion with a reasonable level of assurance — based on extensive research and detailed checks.
In a review, we give a limited level of assurance — based on analyses, discussions and plausibility checks.
In short: a review is lighter, but still professional and reliable.
How does a review engagement proceed in practice?
We start with a planning meeting, followed by analyses of your figures and discussions with management. Based on this, we assess whether the annual accounts give a plausible picture. You will then receive our findings and the review report.
What does ‘limited level of assurance’ mean?
It means that, based on our work, we conclude that nothing has come to light that indicates that the annual accounts are incorrect. You will therefore receive a professional opinion, but less in-depth than with a full audit.
What are the advantages of a review?
A review offers extra assurance to stakeholders without the costs and effort of a full audit. In addition, you will gain valuable insights into your financial reporting and processes, which you can use to implement improvements.
How long does a review engagement take?
The turnaround time depends on the size and complexity of your organisation. On average, a review takes a few weeks, including preparation, execution and reporting. We always coordinate this with you in advance to ensure that it fits in well with your planning.
What does a review of the annual accounts cost?
The costs depend on the size and complexity of your organisation. We always work with a transparent, customised quote, so that you know exactly where you stand — without any surprises afterwards.
Working together on trust and clarity.
Marten Bouma
Partner
Does our vision of a personal approach appeal to you? Would you like to know what we can do for your organization? Please feel free to contact us, we would be happy to talk to you.