{"id":1536,"date":"2021-03-05T15:55:59","date_gmt":"2021-03-05T14:55:59","guid":{"rendered":"http:\/\/mgi-bpo.hu\/szolgaltatasok\/audit-of-grants\/"},"modified":"2021-06-07T08:16:32","modified_gmt":"2021-06-07T06:16:32","slug":"audit-of-grants","status":"publish","type":"szolgaltatasok","link":"https:\/\/mgi-bpo.hu\/en\/services\/audit-of-grants\/","title":{"rendered":"Audit of grants"},"content":{"rendered":"

In the case of Hungarian and direct European Union tenders,\u00a0<\/span>the<\/span>\u00a0audit of\u00a0<\/span>a grant<\/span> is mandatory and depending on the value limit. <\/span>When auditing a grant, the auditor <\/span>should be familiar with the details of the grant agreement and the tender. <\/span>The grant provider usually prescribes item by item the criteria, under which the auditor should review the financial accounts.<\/span>\u00a0<\/span><\/p>\n

When does the audit of a grant begins?<\/h2>\n

After winning a grant, many are faced with the serious administrative conditions that must be met <\/span>to be able to submit successful financial accounts. Therefore, it<\/span> is worth starting the <\/span>preparation on time and establishing the mandatory records required by the contract. However, t<\/span>hese records<\/span>\u00a0can not\u00a0always be established retrospectively,<\/span>\u00a0so it is advisable\u00a0<\/span>to<\/span>\u00a0consult an expert before starting the project.<\/span>\u00a0<\/span><\/p>\n

The most important steps in the preparation of\u00a0a grant\u00a0financial report<\/h2>\n

Winning a grant\u00a0<\/span><\/span>\u2192<\/strong><\/span>\u00a0<\/span><\/span>Establishing\u00a0<\/span><\/span>mandatory<\/span><\/span>\u00a0records\u00a0<\/span><\/span>\u2192<\/span><\/span>\u00a0<\/span><\/span>Continuous monitoring of the fulfilment of\u00a0<\/span><\/span>the\u00a0<\/span><\/span>grant<\/span><\/span>\u00a0<\/span><\/span>\u2192<\/span><\/span>\u00a0Compilation of financial accounts based on records\u00a0<\/span><\/span>\u2192<\/span><\/span>\u00a0<\/span><\/span>Audit of\u00a0<\/span><\/span>the financial report<\/span><\/span><\/span><\/strong>\u00a0<\/span><\/span>\u2192<\/span><\/span>\u00a0<\/span><\/span>Submission of a\u00a0<\/span><\/span>grant\u00a0<\/span><\/span>report<\/span><\/span>\u00a0<\/span><\/p>\n

The most common accounting errors\u00a0we encounter when auditing grants:<\/h2>\n
    \n
  • When accounting for wages, the labor records are incomplete<\/span>\u00a0and do not support the\u00a0<\/span>recognized<\/span>\u00a0costs<\/span>.<\/span>\u00a0<\/span><\/li>\n
  • The costs recognized\u00a0<\/span>are not related to the project and do not qualify as eligible costs<\/span>.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
      \n
    • The applicant does not have\u00a0<\/span>the necessary documents related to the recognized costs<\/span>.<\/span>\u00a0<\/span><\/li>\n
    • General costs are not allocated in accordance with the rules of procedure<\/span>.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

      Proper preparation and ongoing consultation with the auditor will bring the desired results.<\/h2>\n

      In addition to Hungarian and EU grants,\u00a0<\/span>we have already audited sources from<\/span>\u00a0the Swiss and Norwegian funds. Based on our experience and references,\u00a0<\/span>we can audit grants ranging from a few hundred million to billions of forints.<\/span>\u00a0<\/span><\/p>\n

      Grant\u00a0auditors are typically required to be independent of the supported entity.\u00a0<\/span>This means, inter alia, that\u00a0<\/span>the auditor cannot be involved in compiling the\u00a0<\/span>financial report<\/span>.<\/span>\u00a0<\/span><\/p>\n

      In auditing a grant, <\/span>the auditor must\u00a0<\/span>observe<\/span>\u00a0<\/span>the Terms of Reference o<\/span>r\u00a0ToR<\/span>\u00a0specified by the grant provider<\/span>.<\/span>\u00a0<\/span><\/p>\n

      Finally, the auditor issues a report in a pre-defined format. In the report, the auditor <\/span>shall express an opinion\u00a0<\/span>that the financial report\u00a0<\/span>is supported by the costs incurred\u00a0<\/span>in all material respects as defined in the grant agreement. <\/span>Also, it states if the project revenue has been used in accordance with the terms of the agreement. <\/span>\u00a0<\/span><\/p>\n

      \u00a0<\/span><\/p>\n","protected":false},"featured_media":2852,"template":"","szolgaltatas_kategoria":[28],"class_list":["post-1536","szolgaltatasok","type-szolgaltatasok","status-publish","has-post-thumbnail","hentry","szolgaltatas_kategoria-assurance"],"yoast_head":"\nAudit of grants and subsidies in Hungary - MGI-BPO<\/title>\n<meta name=\"description\" content=\"Audit of grant in case of domestic and direct EU grants may be required in Hungary. 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