AUDITING AND ASSURANCE. 8.1 The Grant Recipient will provide the TSA with assurance that the Grant has been used for delivery of the Funded Activities as follows: 8.1.1 The Grant Recipient will provide the TSA with assurance that any Grant that has been used for delivery of the Funded Activities as follows: (a) Grant Recipients (excluding local authorities and Maintained Schools) in receipt of Grants in excess of forty thousand pounds sterling (£40,000) will be required to provide independent assurance through the completion of Annex 9 (Annual Certification of Expenditure) which is to be signed by a reporting accountant who is independent to the Grant Recipient. This is to be submitted within twenty-eight (28) days of the end of the Project and alongside the Final Report or by exception at the annual audit if agreed and approved by the TSA. (b) For Grants of forty thousand pounds sterling (£40,000) or less, Grant Recipients (excluding local authorities or Maintained Schools) will be required to prepare and submit a Statement of Grant Usage (Annex 10 (Statement of ▇▇▇▇▇ ▇▇▇▇▇)) which is to be submitted within twenty eight (28) days of the end of the Project and alongside the Final Report. (c) Local authorities or Maintained Schools in receipt of Grants will be required to prepare and submit a Certification of Grant Usage (Annex 10 (Statement of Grant Usage)) which is to be submitted within twenty-eight (28) days of the end of the Project and alongside the Final Report or by exception at the annual audit if agreed and approved by the TSA. 8.1.2 All Grant Recipients irrespective of the Grant amount will be subject to compliance and audit checks as set out in paragraphs 8.2 and 8.3. 8.2 Grant Recipients may be selected for assurance check audits by the TSA to assess their compliance with the Turing Scheme and this Grant Funding Agreement. The Grant Recipient must give the TSA full access to all information relating to the Turing Scheme either via electronic means or during on-site visits. 8.3 Grant Recipients will be selected for assurance audit both randomly and as targeted audits. There are three (3) types of audit that may be undertaken: 8.3.1 Desk check audits are undertaken remotely on the Grant Recipient's Funded Activities. 8.3.2 On-the-spot-check during audits are an on-site visit by the TSA's compliance team to a Grant Recipient during the live Funded Period of activity. This audit is a review of the Funded Activities and the Grant Recipient, reviewing original records, documentation, receipts and may include the interviewing of staff. 8.3.3 On-the-spot-check after audits are an on-site visit by the TSA's compliance team to a Grant Recipient after the closure of the Funded Period of activity. This audit will be a review of the Funded Activities and the Grant Recipient, reviewing original records, documentation, receipts and may include the interviewing of staff. 8.4 In all instances where actual costs are being claimed, all original receipts must be presented to the TSA for verification as part of the Payment Process. 8.5 The TSA may, at any time during and up to seven (7) years after the end of the Grant Funding Agreement, conduct additional audits or ascertain additional information where the TSA considers it necessary. The Grant Recipient agrees to grant the TSA 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 or Consortium Members (if applicable). 8.6 If the TSA requires further information, explanations and documents, in order for the TSA to establish that the Grant has been used properly in accordance with the Grant Funding Agreement, the Grant Recipient will, within five (5) Working Days of a request by the TSA, provide the TSA, free of charge, with the requested information. 8.7 The Grant Recipient shall: 8.7.1 [if applicable and in accordance with paragraph 8.1 ] nominate an independent auditor to verify the final statement of expenditure and income submitted to the TSA; 8.7.2 identify separately the value and purpose of the Grant Funding in its audited accounts and its annual report; and 8.7.3 maintain a record of internal financial controls and procedures and provide the TSA with a copy if requested.
Appears in 1 contract
Sources: Grant Funding Agreement
AUDITING AND ASSURANCE. 8.1 The Grant Recipient will provide the TSA with assurance that the Grant has been used for delivery of the Funded Activities as follows:
8.1.1 The Grant Recipient will provide the TSA with assurance that any Grant that has been used for delivery of the Funded Activities as follows:
(a) Grant Recipients (excluding local authorities and Maintained Schools) in receipt of Grants in excess of forty thousand pounds sterling (£40,000) will be required to provide independent assurance through the completion of Annex 9 (Annual Certification of Expenditure) which is to be signed by a reporting accountant who is independent to the Grant Recipient. This is to be submitted within twenty-eight (28) days of the end of the Project and alongside the Final Report or by exception at the annual audit if agreed and approved by the TSA.
(b) For Grants of forty thousand pounds sterling (£40,000) or less, Grant Recipients (excluding local authorities or Maintained Schools) will be required to prepare and submit a Statement of Grant Usage (Annex 10 (Statement of ▇▇▇▇▇ ▇▇▇▇▇)) which is to be submitted within twenty eight (28) days of the end of the Project and alongside the Final Report.
(c) Local authorities or Maintained Schools in receipt of Grants will be required to prepare and submit a Certification of Grant Usage (Annex 10 (Statement of Grant Usage)) which is to be submitted within twenty-eight (28) days of the end of the Project and alongside the Final Report or by exception at the annual audit if agreed and approved by the TSA.
8.1.2 All Grant Recipients irrespective of the Grant amount will be subject to compliance and audit checks as set out in paragraphs 8.2 and 8.3.
8.2 Grant Recipients may be selected for assurance check audits by the TSA to assess their compliance with the Turing Scheme and this Grant Funding Agreement. The Grant Recipient must give the TSA full access to all information relating to the Turing Scheme either via electronic means or during on-site visits.
8.3 Grant Recipients will be selected for assurance audit both randomly and as targeted audits. There are three (3) types of audit that may be undertaken:
8.3.1 Desk check audits are undertaken remotely on the Grant Recipient's Funded Activities.
8.3.2 On-the-spot-check during audits are an on-site visit by the TSA's compliance team to a Grant Recipient during the live Funded Period of activity. This audit is a review of the Funded Activities and the Grant Recipient, reviewing original records, documentation, receipts and may include the interviewing of staff.
8.3.3 On-the-spot-check after audits are an on-site visit by the TSA's compliance team to a Grant Recipient after the closure of the Funded Period of activity. This audit will be a review of the Funded Activities and the Grant Recipient, reviewing original records, documentation, receipts and may include the interviewing of staff.
8.4 In all instances where actual costs are being claimed, all original receipts must be presented to the TSA for verification as part of the Payment Process.
8.5 The TSA may, at any time during and up to seven (7) years after the end of the Grant Funding Agreement, conduct additional audits or ascertain additional information where the TSA considers it necessary. The Grant Recipient agrees to grant the TSA 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 or Consortium Members (if applicable).
8.6 If the TSA requires further information, explanations and documents, in order for the TSA to establish that the Grant has been used properly in accordance with the Grant Funding Agreement, the Grant Recipient will, within five (5) Working Days of a request by the TSA, provide the TSA, free of charge, with the requested information.
8.7 The Grant Recipient shall:
8.7.1 [if applicable and in accordance with paragraph 8.1 ] nominate an independent auditor to verify the final statement of expenditure and income submitted to the TSA;
8.7.2 identify separately the value and purpose of the Grant Funding in its audited accounts and its annual report; and
8.7.3 maintain a record of internal financial controls and procedures and provide the TSA with a copy if requested.
8.8 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.
Appears in 1 contract
Sources: Grant Funding Agreement