Private tertiary vocational colleges must submit annual accounts pursuant to Section 1-2 of the Accounting Act and according to the organisational form required by Section 13. The exemption in Section 3-1 first subsection second sentence and second subsection second sentence, cf. Section 1-6 of the Accounting Act does not apply for private tertiary vocational colleges.Private tertiary vocational colleges must maintain a financial distinction between the accredited parts of the enterprise and non-accredited parts of the enterprise. The financial statements must document that the college maintains such a distinction in the enterprise.Financial statements for private tertiary vocational colleges must be audited by a state-authorised or registered accountant, cf. Section 3-1 of the Auditors Act.The Ministry may issue regulations concerning requirements for financial statements, documentation and audits.
