How do I verify the Grant received for reimbursement of revenue expenditure, as shown in the books …
How do I verify the Grant received for reimbursement of revenue expenditure, as shown in the books of my client company?
Chiranjibi Mar. 12, 2018
In case your client shows Grant Received for Reimbursement of Revenue Expenditure, in their books of accounts, you can use this list to verify the same:
- Check the amount of receipt, donor details etc. from relevant voucher.
- Study the terms of grant for its utilization and check whether they had been complied with.
- Check the nature of grant, amounts have been duly disclosed in accounts in accordance with Accounting Standard 12.
- Check the provisions of law, if any, affecting foreign contributions if the grant comes from abroad.
