Do you need a grant audit?
- If your business or organisation is applying for, or has been granted UK and EU government grants, you may be required to submit an audit report certified by an independent external auditor at the end of the claim or at points during the lifetime of the project. These specialist auditors must be Certified Independent Auditors. This is often a requirement to ensure compliance and to meet the terms and conditions required by the funding body.
Grants which require an independent audit include:
How to find a specialist grant auditor
- You will need an accountant who is a Registered Auditor and should choose one who has undertaken grant audits before.
- If the auditors have experience within your sector that is an added advantage.
- Look for a firm of accountants with a good reputation for their audit work.
- Grant audits are time sensitive and consequently, your chosen auditor must be able to deliver results quickly and reliably. Often the audit report must be submitted within a certain number of days of the period end and the funds are held back until the audit report is submitted. Firms undertaking them also usually need the money for cash flow purposes since R&D by nature involves an investment on the prospect of a future return, so that is another reason a quick turnaround is desirable. Clients looking for a grant audit are always interested in how quickly we can complete them. With the number of experienced audit staff we have, we are very good at turning these audits round quickly and reliably.
Examples of grant audits we have undertaken
- Automotive – An Innovate grant audit for Honda UK in relation to a hydrogen refuelling station for public transport
- IT – A grant audit for a SAAS company that was developing an app.
- Healthcare – A grant audit for a firm developing a mental health programme.
- Medical – We have one client for whom we have done four medical-related grant audits including wetness sensors for nappies and pressure sensor for thrombosis.
Why organisations come to us for grant audits
UHY Ross Brooke is an independent registered auditor, with a friendly team who have the expertise to ensure that your deadlines are met, and that your claims are legitimate. We strongly believe that checking the legitimacy of claims and confirming this with you is a vital part of our role, as incorrect advice can prevent or delay receipt of grant funding.
Clients often come to us where their existing accountants do not have expertise in this area or where their accountant considers the work to be too insignificant for them to take on. We are always happy to assist with grant audits.
Our clients range from universities and government funded establishments to small family-owned businesses involved in their first R&D project, so you can be assured that your whatever size your project, your grant audits are in safe hands.