Common use of AUDITING AND ASSURANCE Clause in Contracts

AUDITING AND ASSURANCE. Within six months of the end of each Financial Year the Grant Recipient will provide the Authority with independent assurance that the Grant has been used for delivery of the Funded Activities. To satisfy this requirement the Grant Recipient will provide annual accounts audited by an independent and appropriately qualified auditor where the Grant is clearly segregated from other funds. The Authority may, at any time during and up to seven years after the end of the Grant Funding Agreement, conduct additional audits or ascertain additional information where the Authority considers it necessary. The Grant Recipient agrees to grant the Authority or its Representatives access, as required, to all Funded Activities sites and relevant records. The Grant Recipient will ensure that necessary information and access rights are explicitly included within all arrangements with sub-contractors. If the Authority requires further information, explanations and documents, in order for the Authority to establish that the Grant has been used properly in accordance with the Grant Funding Agreement, the Grant Recipient will, within 5 Working Days of a request by the Authority, provide the Authority, free of charge, with the requested information. The Grant Recipient shall: nominate an independent auditor to verify the final statement of expenditure and income submitted to the Authority; identify separately the value and purpose of the Grant Funding in its audited accounts and its annual report; and maintain a record of internal financial controls and procedures and provide the Authority with a copy if requested. The Grant Recipient shall retain all invoices, receipts, accounting records and any other documentation (including but not limited to, correspondence) relating to the Eligible Expenditure; income generated by the Funded Activities during the Funding Period for a period of seven years from the date on which the Funding Period ends. The Grant Recipient shall ensure that all its sub-contractors retain each record, item of data and document relating to the Funded Activities for a period of seven years from the date on which the Funding Period ends. The Grant Recipient will promptly provide revised forecasts of income and expenditure: Where there are material changes that impact the Grant Recipient as a going concern; and/or at the request of the Authority. Where the Grant Recipient is a company registered at Companies House, the Grant Recipient must file their annual return and accounts by the dates specified by Companies House. Where the Grant Recipient is a registered charity, the Grant Recipient must file their charity annual return by the date specified by the Charity Commissioner. The Grant Recipient shall provide the Authority with copies of their annual return, accounts and charity annual return (as applicable) within five days of filing them at Companies House and/or the Charity Commissioner. If a Grant Recipient fails to comply with paragraphs 8.8 or 8.9 of these Conditions the Authority may suspend funding or terminate the Grant Funding Agreement in accordance with paragraph 26 of these Conditions.

AUDITING AND ASSURANCE. Within six months of the end of each Financial Year the Grant Recipient will provide the Authority with independent assurance that the Grant has been used for delivery of the Funded Activities. To satisfy this requirement the Grant Recipient will provide annual accounts audited a statement showing that the Grant has been certified by an independent and appropriately qualified auditor where auditor. Accompanied by the Grant is clearly segregated from other fundsRecipient’s annual audited accounts. The Authority may, at any time during and up to seven [insert] years after the end of the Grant Funding Agreement, conduct additional audits or ascertain additional information where the Authority considers it necessary. The Grant Recipient agrees to grant the Authority or its Representatives access, as required, to all Funded Activities sites and relevant records. The Grant Recipient will ensure that necessary information and access rights are explicitly included within all arrangements with sub-contractors. If the Authority requires further information, explanations and documents, in order for the Authority to establish that the Grant has been used properly in accordance with the Grant Funding Agreement, the Grant Recipient will, within 5 Working Days of a request by the Authority, provide the Authority, free of charge, with the requested information. The Grant Recipient shall: if applicable nominate an independent auditor to verify the final statement of expenditure and income submitted to the Authority; identify separately the value and purpose of the Grant Funding in its audited accounts and its annual report; and maintain a record of internal financial controls and procedures and provide the Authority with a copy if requested. Retention of documents The Grant Recipient shall retain all invoices, receipts, accounting records and any other documentation (including but not limited to, correspondence) relating to the Eligible Expenditure; income generated by the Funded Activities during the Funding Period for a period of seven [x] years from the date on which the Funding Period ends. The Grant Recipient shall ensure that all its sub-contractors retain each record, item of data and document relating to the Funded Activities for a period of seven [x] years from the date on which the Funding Period ends. The Grant Recipient will promptly provide revised forecasts of income and expenditure: Where there are material changes that impact when these forecasts increase or decrease by more than [x] % of the Grant Recipient as a going concernoriginal expenditure forecasts; and/or at the request of the Authority. Where the Grant Recipient is a company registered at Companies House, the Grant Recipient must file their annual return and accounts by the dates specified by Companies House. Where the Grant Recipient is a registered charity, the Grant Recipient must file their charity annual return by the date specified by the Charity Commissioner. The Grant Recipient shall provide the Authority with copies of their annual return, accounts and charity annual return (as applicable) within five days of filing them at Companies House and/or the Charity Commissioner. If a Grant Recipient fails to comply with paragraphs 8.8 [8.8] or 8.9 [8.9] of these Conditions the Authority may suspend funding or terminate the Grant Funding Agreement in accordance with paragraph 26 25.1.1 of these Conditions.

AUDITING AND ASSURANCE. Within six months of the end of each Financial Year the Grant Recipient will provide the Authority with independent assurance that the Grant has been used for delivery of the Funded Activities. To satisfy this requirement the Grant Recipient will provide annual access to their full project accounts audited by an independent and appropriately qualified auditor where relevant project records in order for the Grant is clearly segregated from other fundsAuthority to undertake a project audit. The Authority may, at any time during and up to seven 3 years after the end of the Grant Funding Agreement, conduct additional audits or ascertain additional information where the Authority considers it necessary. The Grant Recipient agrees to grant the Authority or its Representatives access, as required, to all Funded Activities sites and relevant records. The Grant Recipient will ensure that necessary information and access rights are explicitly included within all arrangements with sub-contractors. If the Authority requires further information, explanations and documents, in order for the Authority to establish that the Grant has been used properly in accordance with the Grant Funding Agreement, the Grant Recipient will, within 5 Working Days of a request by the Authority, provide the Authority, free of charge, with the requested information. The Grant Recipient shall: if applicable, nominate an independent auditor to verify the final statement of expenditure and income submitted to the Authority; identify separately the value and purpose of the Grant Funding in its audited accounts and its annual report; and maintain a record of internal financial controls and procedures and provide the Authority with a copy if requested. Retention of documents The Grant Recipient shall retain all invoices, receipts, accounting records and any other documentation (including but not limited to, correspondence) relating to the Eligible Expenditure; income generated by the Funded Activities during the Funding Period for a period of seven 7 years from the date on which the Funding Period ends. The Grant Recipient shall ensure that all its sub-contractors retain each record, item of data and document relating to the Funded Activities for a period of seven 7 years from the date on which the Funding Period ends. The Grant Recipient will promptly provide revised forecasts of income and expenditure: Where there are material changes that impact when these forecasts increase or decrease by more than 10% of the Grant Recipient as a going concernoriginal expenditure forecasts; and/or at the request of the Authority. Where the Grant Recipient is a company registered at Companies House, the Grant Recipient must file their annual return and accounts by the dates specified by Companies House. Where the Grant Recipient is a registered charity, the Grant Recipient must file their charity annual return by the date specified by the Charity Commissioner. The Grant Recipient shall provide the Authority with copies of their annual return, accounts and charity annual return (as applicable) within five days of filing them at Companies House and/or the Charity Commissioner. If a Grant Recipient fails to comply with paragraphs 8.8 [8.8] or 8.9 [8.9] of these Conditions the Authority may suspend funding or terminate the Grant Funding Agreement in accordance with paragraph 26 25.1.1 of these Conditions.