1. Grants of up to EUR 30,000 are not subject to the audit requirements. For all grants greater than EUR 30,000, the project accounts must be audited and signed off by a registered, certified, or authorised auditor.
2. If the recipient of the grant is an institution that reports directly to the Nordic Council of Ministers, a separate audit is not required.
3. The audit can be carried out in accordance with the International standard on related services ISRS 4400 (Revised), Agreed-Upon Procedures Engagements.
The audit must cover every aspect of the project accounts, not just the grant received from NCP. The final accounts must show all project income (including any self-financing component) and expenditure. The itemised income in the final accounts must show the full amount of the grant from the Nordic Culture Point, even if the final instalment (15%) may not have been paid at the time of the audit. If the project involves co-funding and multiple partners bearing the costs, it is the organisation with overall project responsibility that must collate documentation on income and expenditure for the purpose of drawing up a full set of project accounts to be audited.
In addition, the audit report must specifically confirm and/or comment on the audit measures listed.
4. NCP and its auditor, the National Audit Office of Finland, are entitled to demand documentation relating to the accounts for up to six years after they have been submitted. This means that the recipient of the grant must keep all items pertaining to the project accounts for six years after they have been audited.
5. The audit report must always be attached to the final report along with the final accounts concerned. Please note that the final accounts that are attached
6. The final report, project accounts, and audit report are all in the public domain.
7. NCP’s accounts are audited by the National Audit Office of Finland.