Business Enterprise Centres Small Business Advisory Services Program docx

Under this Agreement, the Centre must among other things provide the Department with an annual financial report prepared by the Centre; an independent audit report on the annual financ

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SBAS Program 1 of 12

Annual Financial Audit Report

July 2010

Business Enterprise Centres Small Business Advisory Services Program

Annual Financial Audit Report

Organisation Name:

Reference Number

BEC-0………

Financial Year Dates <dd/mm/yyyy> to <dd/mm/yyyy>

Period of Funding: 01 May yyyy to 30 April yyyy>

Due by: <dd/mm/yyyy>

Date received: / /2010

This is trial version www.adultpdf.com

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Version 1.2

November 2010

Reporting Obligations

The Agreement between your organisation (the Centre) and the Commonwealth outlines your

reporting obligations, including the Annual Financial Report and Audit Report Under this

Agreement, the Centre must (among other things) provide the Department with an annual financial

report (prepared by the Centre); an independent audit report on the annual financial report (prepared

by the auditor); and a Certification by the Auditor of certain matters (prepared by the auditor)

Excerpt from the Funding Agreement

Schedule 4 –REPORTS AND PUBLICITY Audit Report

4.1 The Centre must, within sixty (60) days of the completion of each financial year or Project

End Date, or on the earlier termination of the Agreement, provide the Commonwealth with a

report prepared by an Approved Auditor (in accordance with Australian Accounting

Standards) which contains:

(a) an audited detailed statement of receipts and expenditure in respect of the Funding,

which must include an unqualified statement as to whether the financial accounts are

complete and accurate, and a statement of the balance of the Centre's account referred

to in clause 2.4;

(b) an unqualified and audited statement to the effect that the Funding was only expended

for the purpose of conducting the Project and in accordance with the Agreement;

(c) a certificate, provided by the Executive Officer that:

(i) all Funding received was expended for the purpose of the Project and in accordance with the Agreement; and

(ii) salaries and allowances paid to persons involved in the Project are in accordance with any applicable award or agreement in force under any relevant law on industrial or workplace relations

4.2 This audit report must be prepared according to the Australian Auditing Standards, and must

be carried out by an Approved Auditor

4.3 The certificate referred to in item 4.1(c) of this Schedule 4 must be provided by the Executive

Officer

General Information

This annual audit report should reflect the period of funding i.e 01 May to 31

October and 01 November to 30 April Not funding in a financial year as

previously requested

The report is due in 60 days after the end of the Financial year

When completing the template please add spaces/lines as required

Please insert relevant period dates as required

When you and your auditor have completed the reports and signed the declarations please post the original

reports to your Customer Service Manager

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November 2010

Centre must complete

You as Grantee are required to complete the receipts and expenditure statement table(s)

The Notes to the financial statements are integral to the statements and you need to enter your

organisation name in the appropriate place

Certification This needs to be signed by an official who is able to bind your organisation as stated

in the Funding Agreement in Schedule 4 clause 4.1 (c)

All three of the above components of your financial statements are needed by your auditor when they provide an audit report and certify your financial statements

Auditor must complete

In addition to the above three components, at the end of the financial year you will need to also send

to your auditor the templates for the Independent auditor report, and the Certification of certain

matters Your auditor is to complete and return them to you for on-forwarding to your AusIndustry

Customer Service Manager Note that the auditor is required to Certify to AusIndustry, NOT to your organisation

In terms of completing the table(s), please report at the level stipulated in the budget at Schedule 2

of the contract For example, if the budget is broken down to 5 or 6 headings or subtotals such as Salaries and Running costs, Administration etc, then it is only necessary to report to that level If there are individual elements of those lines that you wish to draw our attention to, please note them

Need Help?

If you have any questions about completing this report, please contact your Customer Service Manager or send an email to sbas@industry.gov.au

Vanessa Jakobasic 02 6276 1055 vanessa.jakobasic@innovation.gov.au

Christine McCabe 02 6276 1844 chris.mccabe@innovation.gov.au

Margot Collignon 02 6213 7465 margot.collignon@innovation.gov.au

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November 2010

AUDITED DETAILED STATEMENT OF RECEIPTS AND EXPENDITURE

[CENTRE Name]

For the period 01 May yyyy to 30 April yyyy

Description Budget $ (Ex GST) Actual $ (Ex GST)

INCOME

Funding income

Period No:

Interest earned

Total Income

EXPENDITURE Period No:

Salary & on costs

Legal/Accounting

Infrastructure

Administration

Marketing & promotion

Consultants

Training

Other ( insert category name)

Total Expenditure

Net surplus / deficit for the Period

EXPENDITURE Period No:

Salary & on costs

Legal/Accounting

Infrastructure

Administration

Marketing & promotion

Consultants

Training

Other ( insert category name)

Net surplus / deficit for the Period

Total Income

Total Income – Total Expenditure =

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November 2010

Net surplus / deficit for the funding

period

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November 2010

NOTES TO THE STATEMENT OF PROJECT INCOME AND EXPENDITURE

[CENTRE Name]

Note 1 Basis of compilation

This annual financial report has been prepared to meet the requirements of the Business Enterprise Centre funding agreement (the Agreement) between [CENTRE Name] and the Commonwealth of Australia Significant accounting policies applied in the compilation of the report include:

(a) Income

Income as reported in the statement of project income and expenditure has been determined as follows:

• Funding income represents the total funding under the agreement and received by [CENTRE name]

during the reporting period;

• Prior year project surplus / deficit represents the net project surplus / deficit approved to be applied to / set off against this financial years approved project funding

• Interest represents interest earned on funding provided under the agreement

(b) Expenditure

The expenditure as reported in the statement of project income and expenditure has been determined on an accruals basis*, and has been determined in accordance with the agreement, and is expenditure incurred by the Centre, in the course of undertaking activities described in the Agreement, as agreed by the Centre and approved by the Commonwealth Expenditure is

• Necessarily incurred for the purposes for which the grant was provided and incurred on achieving the approved project activities;

• Incurred during the reporting period; and

• Consistent with the budget approved in the agreement;

• Excludes expenditure on those activities specifically identified as ineligible activities or items under the agreement

*If your organisation operates on a cash basis, please note that and complete the report accordingly

Please copy the next page onto your letterhead

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[Centre Letterhead]

CERTIFICATION

We hereby certify that the annual financial report of [CENTRE Name] is in accordance with Business

Enterprise Centre Funding Agreement In particular, the annual financial report

(i) gives a true and fair view of [CENTRE Name]'s project income and expenditure in

accordance with the accounting policies described at Note 1; and (ii) gives a true and fair view of the budget approved by the Department as at the date of the

annual financial report

(iii) all Funding received was expended for the purpose of the Project and in accordance with the

Agreement; and (iv) salaries and allowances paid to persons involved in the Project are in accordance with any

applicable award or agreement in force under any relevant law on industrial or workplace relations

Signature:

Name:

Position:

Date:

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November 2010

INDEPENDENT AUDIT REPORT

The purpose of the independent audit report is to provide the Department with an auditor's opinion on the annual financial report The annual financial report is prepared by the Centre to correspond with the project income and expenditure reported to the Department by the Centre for the same period

The independent audit report must be prepared by a person who

• is not a director, other office holder, or employee of the Centre or a related body corporate of the Centre;

• has not previously been engaged by the Centre for the purpose of preparing their funding application

or any report (other than an audit report) required under the grant agreement;

• has no financial interest in the Centre; and

• is a member of:

the Institute of Chartered Accountants in Australia; or

the Society of Certified Practising Accountants; or

the National Institute of Accountants as a Public Practice Certified Member

Companies required by s.10 of Corporations Act 2001 (Cth) to prepare an audited annual financial report are

encouraged to use the same auditor to audit and report on project income and expenditure

The audit should be undertaken and reported in accordance with Australian Auditing Standards

The dates by which independent audit reports are required are specified in the particular conditions of the agreement

The independent audit report must follow the required format and include any qualification regarding the matters on which the auditor provides an opinion Departmental staff will ordinarily follow up any

qualifications with the Centre or auditor The independent audit report must be submitted on the auditor's letterhead

Auditors must comply with the professional requirements of the Institute of Chartered Accountants in Australia and the Australian Society of Certified Practising Accountants in the conduct of their audit

If the auditor forms an opinion that the annual financial report does not give a true and fair view of the project income and expenditure for the period, the independent audit report should be qualified and the error quantified in the qualification section of the independent audit report

The required independent audit report format follows

The next two pages MUST be completed and printed on the auditor's letterhead

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[Auditor letterhead]

Independent audit report to the Department of Innovation, Industry, Science and Research

(the Department)

Business Enterprise Centre Initiative

Unqualified Statement

Scope

We have audited the attached annual financial report, being a special purpose financial report, of [CENTRE Name] for the [period] as set out on pages [X] to [Y] [CENTRE Name]'s Chairperson/CEO is responsible for the financial report and have determined that the accounting policies used and described in Note 1 to the financial statements which form part of the financial report are appropriate to meet the requirements of the Business Enterprise Centre Funding Agreement and are appropriate to meet the needs of the Department We have conducted an independent audit of the annual financial report in order to express an opinion on it to the Department No opinion is expressed as to whether the accounting policies used, and described in Note 1, are appropriate to the needs of the Department

The annual financial report has been prepared for distribution to the Department for the purpose of fulfilling the directors’ financial reporting requirements under the Business Enterprise Centre Funding Agreement We disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it relates to any person other than the Department, or for any purpose other than that for which it was prepared Our audit has been conducted in accordance with Australian Auditing Standards Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report and the evaluation of significant accounting estimates These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with the accounting policies described in Note 1, so as to present a view which is consistent with our understanding of

[CENTRE Name] project income and expenditure under the Business Enterprise Centre Funding Agreement (These policies do not require the application of all Accounting Standards and other mandatory professional reporting requirements in Australia)

The audit opinion expressed in this report has been formed on the above basis

Qualification

Audit Overview

In order to achieve the audit objective the following steps were undertaken:

• (Insert audit methodology steps in dot point format)

•

The table below highlights expenditure provided in the DETAILED STATEMENT OF

RECEIPTS AND EXPENDITURE, and the level of testing undertaken by the auditor

($)

Total Expenditure Tested

($)

Audit Coverage

%

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(Insert period)

Salary & On-cost

Vehicle & Travel

Infrastructure

Marketing &

Promotion

Administration

Other Expenditure

Total

Audit Opinion

In our opinion, the financial report of [CENTRE Name] is in accordance with the Business Enterprise Centre Funding Agreement including:

(i) giving a true and fair view of [CENTRE Name] project income and expenditure in

accordance with the accounting policies described in Note 1;

(ii) giving a true and fair view of the budget approved by the Department as at the date of this

report; and (iii) complying with Australian Accounting Standards to the extent described in Note 1

Signature:

Name:

Qualifications:

Position:

Date:

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