Common use of Audited Statement Clause in Contracts

Audited Statement. Audited Statements verified by an Approved Auditor can be expensive and administratively burdensome to produce. You must determine whether the Audited Statement is required based on the level of risk involved in the particular activity. Generally, an Audited Statement will be required if payment is greater than $500,000 per annum. [Option 1: write “Not used”] [Option 2: write “Your Organisation agrees to provide the Agency an audited statement acquitting Your Organisation’s use of the Grant for each Financial Year on or before 31 October of the relevant Financial Year (the “Audited Statement”). The Audited Statement is to be prepared by an Approved Auditor in accordance with Australian Auditing Standards and is to verify that: Your Organisation’s Annual Acquittal Statement has been prepared in accordance with Australian Accounting Standards; and the Grant has been expended for the Activity in accordance with the Agreement, including any approved variations to it.] Your Organisation acknowledges and agrees to notify the Agency of: Alleged Misconduct or Serious Incidents, to be notified immediately: changes to the name, address and contact details, material changes to Your Organisation’s constitution and articles of association (however described) or any Change in Control, to be notified as soon as practicable; action or proposed action regarding an Insolvency Event or external administration, to be notified immediately; and financial assistance from another governmental authority in relation to the Activity (that is not a Co-contribution), to be notified within 10 Business Days. [Option 1: write “Not used”] [Option 2: write [Your Organisation agrees to provide the Agency with the following additional reports:” [insert details of other reports such as data sets].] The maximum amount of the Grant payable for the Activity Period is: [insert]. [Option 1 – where no indexation] $[inset amount] [inclusive/exclusive] of GST] Indexation: [where indexation is applied “the Grant payable for each year of the Activity Period will be adjusted by the rate of indexation as advised by the Agency from time to time” OR write “the Grant is not subject to indexation”]. [2019/20] – [insert amount] [inclusive/exclusive of GST]; [2020/21] – the amount of the Grant provided in [2018/19][, plus any approved indexation]; [2021/22] – the amount of the Grant provided in [2019/20][, plus any approved indexation.] Your Organisation is required to ensure that the Grant is held in an Australian bank account: Your Organisation’s nominated bank account into which the Grant is to be paid and kept is [insert bank account details].