Hi,
Please help me dear....
We are handling projects funded by Govt of India and on periodic basis we need to send utilization certificate to our funding agency. Usually a UC is just a certificate in which we declare that out of X amt received as funds Y amt has been utilized and balance Z amount is available.
Now while preparing UC we also take into account the provisions or expenses which are not yet spent from funds but surely will be spent in future months hence they are also termed to be utilized. Now the funding agency has asked for audited statement of accounts , so the expenses which we have already shown in UC but not yet out from our funds , how to explain this to auditor will the auditor understand this or only certify the statement based on actual expenses made.
Audited Statement of Accounts | |||
Receipt | Payment | ||
Details | Amt | Details | Amt |
funds recd | 100000 | Expenses actual | 50000 |
interest earned | 1000 | Expenses booked / will be spent in future for Sure | 25000 |
TOTAL UC AMT | 75000 | ||
Balance available | 26000 | ||
TOTAL | 101000 | TOTAL | 101000 |
Company Rep Sign | Auditor Sign |