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: (i) Your Organisation’s Annual Acquittal Statement has been prepared in accordance with Australian Accounting Standards; and (ii) the Grant has been expended for the Activity in accordance with the Agreement, including any approved variations to it.]