Cultural, educational and social projects supported by international and state donors require transparent financial reporting. Business Element provides grant project audit services in accordance with international standards and requirements of leading donor organizations.
What is a Grant Project Audit
A grant project audit is an independent auditing company’s verification of financial statements and primary documents that confirms the targeted use of grant funds in accordance with the donor agreement terms.
The statutory audit provides the donor with objective assurance that:

funding was used as intended and efficiently
expenses are supported by appropriate primary documents
accounting records are maintained in accordance with Ukrainian legislation and grantor requirements
financial statements are complete, accurate and transparent

Standards and Methodology
Business Element conducts audits in accordance with International Standards on Auditing (ISA) or International Standard on Related Services (ISRS 4400), adhering to the Code of Ethics for Professional Accountants (IESBA).
Depending on donor requirements, we provide:

Special Purpose Independent Auditor’s Report — for verification of specific financial statement items
Full Audit Opinion — for comprehensive financial statement audit

In each case, we guarantee independence, objectivity of conclusions and adherence to professional ethical principles.
Our Experience
Business Element has extensive experience conducting NGO audits and charitable foundation audits for projects supported by:

Ukrainian Cultural Foundation (UCF)
European Union programs
USAID, UNDP, GIZ
ISAR Ednannia and other international donors

We were among the first auditors to begin NGO financial audits of cultural institutions after UCF was established, developing our own methodology for grant report verification.

Audit Preparation

For effective audit procedures, the following should be prepared:
Financial Report — covering the period of actual grant fund usage, aligned with bank statement period
Narrative Report — to understand project implementation context and link between results and expenses
Primary Documents — invoices, acts, waybills, contracts, payment orders supporting each budget line
Donor Approvals — in case of budget reallocation
Bank Statements — for the entire grant implementation period
Originals and Certified Copies — originals provided to company auditor for verification, certified copies (marked “True Copy”, signed by organization head, dated and stamped) attached to the report
Documents created electronically (through systems like “Vchasno”, M.E.Doc, etc.) should be provided in PDF format with electronic system marks.

Audit Result

Upon completion, the client receives an independent auditor’s report to be submitted to the donor with the financial statements. This document officially confirms responsible use of grant funds and compliance of accounting records with legislation and grant agreement terms.

Why Choose Business Element

Expertise in special purpose report audits
Experience with international donor programs
Understanding of NGO and charitable organization reporting specifics
High standards of independence and professional ethics
Adherence to principles of integrity, objectivity, competence, confidentiality

Service Pricing

Audit service costs are calculated individually based on project scope, number of transactions and audit timeline. Contact us for a commercial proposal.
Order an Audit
If your grant project is nearing completion — it’s time to plan an audit for donors.