Overview (table of contents) Chapter 1 General provisions Chapter 2 Chapter 3 Chapter 4 entry into force of the Revision Accounts The full text of the Executive order on accounting and auditing for beneficiaries who receive grants from the Ministry of culture pursuant to the finance law
Under text annotation nr. 190 to section 21 of the Finance Act for 2010 shall be fixed: Chapter 1 General provisions § 1. This notice applies to beneficiaries that receive funding under the budget law, and which is covered by the text annotation nr. 190 to section 21 on the finance bill for 2010.
Chapter 2 Accounting section 2. The beneficiary must keep and submit financial statements.
§ 3. No later than 6 months after the end of the accounting period to be the beneficiary of a submit a revised financial statements and a copy of the audit of the hearing, subject to article 20. section 13 (5) for the Ministry of culture. It forwarded accounts must be approved by the public authority, providing the largest grant to the beneficiary's operation, provided that it is not the Ministry of culture.
(2). Financial statements and audit the minutes must be signed by the Executive Board and all members of the grant recipient's Board of Directors.
§ 4. The annual accounts shall give a true and fair view of the grant recipient's assets and liabilities, financial position and results.
(2). The financial statements must cover the whole of the grant recipient's company. Grants received from the Ministry of culture and State subsidies, moreover, must be recognized and shown separately in the financial statements.
(3). The financial statements must include: 1) annual report, setting out for the end of this operation and the expectations for the coming years of operation, as well as other circumstances of importance for the beneficiary, which is not directly apparent from the other financial statements. The report shall also contain a statement of the extent to which the activities have been carried out in accordance with the objectives set out in any of the budgeted and with agreements with the Ministry of culture or the like. The report shall also include a statement of the development of the level of activity.
2) Auditors ' report.
3) profit and loss account.
5) Notes, including specifications of the income statement and balance sheet.
6) statement of accounting policies.
(4). In addition, the following requirements are made to the financial statements: 1) records shall be broken down by activity.
2) subsidies granted by the grant recipient must be specified on the recipients.
3) Grants from municipalities, foundations, etc. must be specified.
4) beneficiaries of project grants (grants, which are not given to operation) for each project category split the project revenues and expenditures. This applies to all projects, regardless of whether the Ministry of culture has provided subsidies. Specification of each project included in the notes on the accounts.
5) Figures from the prior fiscal year and budget figures for the financial year shall be charged to the profit and loss account, and the statement shall be drawn up in such a way that there is immediate comparability between figures and budget figures.
6) Any depreciation must be specified and depreciation methods must be reported.
7) balance sheet must contain a statement of sales and fixed assets as well as short-and long-term debt, including a statement of stockholders ' equity.
8) financing of deficits or the use of profits must be reported.
9) revenue and expenses are accrued. Grants are recognised as income in accordance with the concession period.
10) Provisions, between bills and commitments must be specified.
11) Vat registration must be provided.
(5). Beneficiaries, where grants from the State covers half or more of the grant recipient's ordinary operating expenses, must draw up an internal accounting instructions. The script must contain a description of the accounting organization and the Organization of accounting tasks, including information on responsibility and the Division of powers and the rule set to be followed when carrying out accounting tasks.
§ 5. The grant recipient must keep the past 5 years ' accounts properly and available to the auditor.
Chapter 3 review section 6. The audit must be performed by a chartered or certified accountant or by a municipal audit body.
(2). In the case of the auditor change should the incoming auditor contact the outgoing auditor has a duty to disclose the reasons for termination of employment.
§ 7. The review shall be carried out in accordance with good public audit practice, as that term is defined in section 3 of the Act on the audit of State accounts, etc. (lovbekendtgørelse nr. 3 of 7 January 1997) and specified in paragraph (2) and sections 8-13.
(2). By the audit verified whether the financial statements are true and whether the transactions are subject to the reporting, are in accordance with appropriations, laws and other regulations announced as well as agreements concluded and usual practice. In addition, an assessment is made of whether or not they have been taken into account in the management of the economic owed funds, and by the operation of the institutions covered by the financial statements.
§ 8. The scope of the audit be organized taking into account the institution's administrative structure and business processes, including the internal control and other matters of significance for financial reporting.
§ 9. Usually carried out audits during the year. As part of the review examines the auditor the existing business processes, in order to verify whether the internal control is reassuring. In addition to the statutory auditor performs audits as necessary substantive testing. The audit performed basically by sample surveys show. Unclaimed cash and inventory overhaul included in the review.
(2). Auditor checks whether any grants made by the beneficiary, subject to prudential guidelines on accounting and auditing.
(3). In the final review to ensure that the financial statements are drawn up in accordance with the rules laid down in sections 2-5 of this notice, and that it does not contain substantive errors or missing, and about the transactions that are the subject of financial reporting is in accordance with appropriations, laws and other regulations announced as well as agreements concluded and usual practice.
(4). In the management audit examines whether there are taken into account by the grant recipient's economic management owed. The revision is carried out, among other things. on the basis of the grant recipient's reporting to the grant provider about the objectives and results achieved. Also evaluated the grant recipient's economy, efficiency and effectiveness.
(5). In the review of project grants under the financial section 21.11.23. Various grants must auditor verify whether the grant is used for this purpose. The review shall be carried out at random show studies.
§ 10. The grant recipient must provide the auditor with the information, which may be considered of importance for the evaluation of the grant recipient's accounts as well as for the auditor's assessment of the management, including the objectives and results achieved. The grant recipient must provide the auditor with access to carry out the studies that consider necessary, and shall ensure that the auditor will have the information and the assistance that the Auditor considers necessary for the performance of his duties.
§ 11. Becomes auditor aware of offences or breaches of regulations essential for funds management is the responsibility of the auditor immediately to give the beneficiary thereof, as well as ensure that beneficiary within 3 weeks allows subsidy provider thereof. Otherwise, it is the auditor's duty to notify the grant provider. Auditor's comments are submitted together with the notice.
(2). The same applies if the Auditor during his audit or otherwise becomes aware that the continuation of the operation is uncertain for economic or other reasons.
§ 12. The audited annual accounts shall bear an Auditors ' report, one of which must indicate that the accounts have been revised in accordance with the rules laid down in Chapter 3 of this order. Reservations must be indicated in the endorsement.
§ 13. The auditor must conduct an audit Protocol.
(2). In the Protocol should there be information on, 1) what audit work carried out and its outcome, and 2) substantial uncertainty, errors or omissions relating to the institution's bookkeeping, accounting or internal control.
(3). The auditor must also give an account of the management audit carried out. In particular, be informed of the auditor's study and evaluation of and conclusions on the grant recipient's economy, efficiency and effectiveness, as well as on operations outside the grant recipient's purpose.
(4). It must be in the minutes to the financial statements disclosed, 1) as to whether the auditor meets the law's provisions, 2) whether financial auditor during the audit has received all of the information requested, and 3) whether the review has given rise to comments as to whether State aid is used in accordance with the specified conditions.
(5). In addition, information about the audit Protocol introduces specific reports or statements, the submission of special reports, advice and assistance.
(6). Copy of the audit of the Board of Directors and the Executive Board with minutes signatures are submitted by the beneficiary to the Ministry of culture together with the endorsed annual financial statements.
Chapter 4 the entry into force of section 14. The notice shall enter into force on the 28th. October 2010 with effect in the accounts, reported for the fiscal year 2010 and for the period from 1 January. July 2009 – 30. June 2010.
The Ministry of culture, the 6. October 2010 Per Stig Møller