If you have applied for funding through a grant such as Innovate UK it is possible that you will need a grant audit service for the claims you submit.
Grant audit requirements are set by the relevant grant funding body and stated in the award letter and associated documentation. The purpose of the grant audit is to provide assurance to the funding body that the funds have been used in accordance with the terms of the grant.
A grant audit is often required to be carried out by an independent accountant or chartered accountant who is also a Registered Auditor. The grant recipient can usually appoint an accountant of their own choice to undertake this work.
Why choose Jacobs Allen for your grant audit:
- We are Registered Auditors.
- We are experienced in dealing with grant audits and the potential issues that may arise.
- We can complete the audit either on site or remotely, to ensure the audit report is produced effectively and efficiently.
If you need an Innovate UK or other grant audit report, please call 01284 704260 or email chris@jacobsallen.co.uk for a FREE no obligation consultation.
If you are looking into getting a grant, our experienced contacts can help you put together an application to maximise your chances of successfully securing funding.
FAQs
What is a grant audit?
If you have applied for funding through a grant, the grant provider may need to see financial information about your business in order to seek reassurances about the grant application and/or to ensure the funds are being used correctly.
Who can perform an audit in the UK?
The grant funding body will usually allow the funds recipient to chose their own auditor, this is usually an independent accountant.
Who pays for audits?
The company receiving the grant funding will usually pay for the grant audit.
What does an audit look for?
A grant audit is a comprehensive look at the receiving company’s accounts. The auditor is looking to make sure that the grant has been used in line with the grant suppliers specific terms and conditions.
