Have you received a subsidy? Many subsidy providers, such as provinces, the European or Dutch government, attach the condition of submitting a clear subsidy statement that has been audited by an auditor. This is important because a correct subsidy statement is an essential requirement for not having to pay back the received subsidy.
What does a subsidy audit involve?
As part of a subsidy audit, we check many things:
- Have the funds been spent lawfully?
- Has the money been spent in accordance with the subsidy application?
- Is there an invoice for all costs incurred?
- Is there a time tracking system?
- Have the hours actually been spent on this particular project?
- Have you met all the requirements of the subsidy provider?
The purpose of this audit is to verify whether the funds received have been spent legally, for the purpose for which they were requested.
Subsidies come in many shapes and sizes. Subsidies from private parties, municipal authorities, the central government or subsidies from the European Union. Some subsidies are subject to very strict control regulations, whereas others allow for much more freedom. The RSM auditors are familiar with the rules and requirements of virtually all these different subsidies, allowing us to carry out the audit efficiently.
When do you start to account for subsidies?
A subsidy statement is often combined with the audit of the financial statements, but you can also request a separate subsidy audit.
Because some audit protocols are quite strict, it is important for you to know the rules you must comply with right from the start of the project. RSM will be happy to advise you on this, thus avoiding any accounting problems at a later stage. For example, we will help you set up your time recording system, so that you can properly register all hours and costs during the term of the project.
By involving us from the very beginning of your project, you can confidently look forward to a subsidy audit.
Would you like more information about the subsidy audit?
Would you like advice on an audit protocol or would you like to request a subsidy audit? We would like to help you. Please contact us.