Protocol for Audit Statement
1. Objective of the audit
1.1 The audit is carried out in accordance with generally accepted auditing standards
1.2 The audit comprises as many observations as deemed necessary under the
1.3. The specific objectives are as follows:
1.3.1 To give an opinion about the financial account, particularly if this overview
provides a clear and true and fair picture of the income and expenses in
accordance with the conditions of the decision and generally accepted
1.3.2 To evaluate the internal auditing structure at the subsidy recipient, to assess
the audit risk and to recognise circumstances worth mentioning, including
material anomalies in the internal audit.
1.3.3 To make observations so as to assess if the subsidy recipient has met the
conditions of the decision in every material aspect. All matters of material
significance that do not meet the conditions and all indications of unlawful acts
must be identified. Such observations also focus on the requirements relating
to any contribution from the subsidy recipient.
2. Scope of the audit
2.1 Preparing the audit programme:
The auditor should draw up an audit plan which should include an examination of the
administrative organisation and internal control structure, an analytical review and a
substantive investigation, together with a check on compliance with all grant
2.2 Execution of the audit:
2.2.1 The accountant uses the audit programme to audit the financial account in
order to be able to issue an audit statement.
2.2.2 The accountant ensures that the audit dossier contains enough, adequate and
relevant documentary proof and he documents the audit measures carried out
and their outcome in the dossier;
2.2.3 The accountant determines that the contracts concluded between the subsidy
recipient and other organisations involved in the activities referred to in the
decision are audited.
The steps listed under 2.1 and 2.2 are not exhaustive or limitative and should not be
a reason to make concessions to the accountant's professional judgement. Each
restriction in the scope of the audit is indicated in the report that follows the audit.
2.3. Report on the audit carried out
The audit report contains the following elements:
2.3.1 The objective and scope of the audit, the audit criteria applied insofar as
relevant, and the restrictions in terms of scope;
2.3.2 The financial account, including an explanation and the accounting principles
2.3.3 An audit statement that provides a clear judgement about the financial
account. In the case of an unqualified audit statement, the text in the sample
audit statement will be used.
In the event of an adverse audit statement, the auditor will indicate:
- the effects of the transactions and income in the financial account;
- the subsidy conditions that have not been met; and/or
- unlawful acts he has identified.
The Minister reserves the right to review the audit. The accountant responsible for the
audit will cooperate in this review and will provide the reviewer with all relevant
documentation relating to the audit.
4. Audit dossiers
The firm of accountants keeps an organised and accessible audit dossier. The firm of
accountants keeps the dossiers for a period of 10 years, counting from the date on which
the audit is completed.
5. Conditions regarding the execution
The costs related to the audit according to this audit protocol, are borne by the subsidy
Sample audit statement
On behalf of the Ministry of Foreign Affairs
The following application for subsidy assessment with appendix(es) from:
Name organisation: complete
Registered in: complete has been certified and audited by us.
The Ministry of Foreign Affairs has by letter of enter date with reference enter letter reference
granted a subsidy for the subsidised activities with project number complete. The financial
statement was prepared under the responsibility of management. It is our responsibility
to provide an audit opinion about the financial statement.
This subsidy is granted within the framework of the Ministry of Foreign Affairs Grant
Our audit was conducted in accordance with generally accepted guidelines for audit
assignments (ISA). According to these guidelines, our audit must be planned and carried
out in such a way that a reasonable degree of certainty is obtained that the financial
account contains no anomalies of material importance.
Among other things, an audit consists of a study, based on partial observations, of
information in substantiation of the figures and the explanatory notes in the financial
statement. An audit also comprises an assessment of the accounting principles used in
the preparation of the financial statement and of important estimations made by
management, as well as an evaluation of the overall picture of the financial statement.
The audit furthermore comprises an assessment of the risks of anomalies of material
importance as a result of fraud.
We feel that our audit forms a solid basis for our opinion.
We have also established that the costs were incurred and indeed paid during the project
period (from the date on which the proposal was submitted until the completion date of
the project), and that they can be attributed directly to the project for which the subsidy
was granted. The subsidy conditions and obligations referred to in the subsidy decision
have also been met and fulfilled.
If applicable, specific observations of the accountant may be noted here. You may use an
appendix if necessary.
Name of firm of accountants: complete
Name of accountant: complete