What is grant audit and assurance?
Many organisations receiving or allocating funding want a third-party to verify that the money was spent in line with the grant agreement.
Our ICAEW-certified auditors can deliver grant audit and assurance reports for startups, charities, education providers and businesses across Manchester.
Our approach
At FFT, our aim is to provide the information needed to keep your funder satisfied and your grant intact.
We learn the details of your grant agreement, looking at the rules around eligible expenses and the evidence needed to justify them.
A single, complete request for information
We will tell you exactly what we need upfront and if we find a problem, we will proactively raise it with you to avoid a deadline day crisis.
Our work will fit around your funder’s deadline, working backwards while keeping you updated with our progress throughout the process.
We will leave you better prepared for the future. Each report we provide to clients comes with recommendations for you to implement, which will make your next claims quicker and more streamlined.
Which grants require an audit or assurance review?
A grant audit is typically required when a funding agreement includes independent assurance or verification requirements.
Funding provided without any goods or services in return needs to be checked to ensure it has been spent within the agreed scope.
You may need a grant audit or assurance review if your funding comes from:
- Charities or non-profits: Some trusts ask for an audited statement before releasing the final funding
- National lottery: The Heritage Fund, Arts Council England and Sport England each have their own audit templates and quality standards to follow
- Government departments: Bodies such as DCMS, MHCLG and DfE usually ask for certification on spending above £100,000
- Horizon Europe and Horizon 2020: Claims above €430,000 for these EU programmes must be supported by a Certificate on Financial Statements from a qualified firm
- Innovate UK and UKRI: Research and innovation awards above £25,000 require an independent accountant’s report to confirm that costs are eligible.
Grant audits and assurance reports are not mandatory. Whether you need a grant audit is up to the funding body or the terms outlined in your grant agreement.
Depending on the terms of a contract, grant audits are sometimes reimbursable as a part of the overall grant budget.
Why FFT?
For your next grant audit, you can trust FFT to deliver the most value. As your funder will look closely at who signs the report, here are some reasons you can trust us:
- Sector expertise: We hold deep sector expertise, with many high-profile clients in the Entertainment, Arts & Sport industries, which often require grant audits.
- Registered auditors: We are ICAEW-registered, ready to deliver the most value to your next audit.
- Partner-led: We don’t delegate our audits to junior accountants – our audits have direct Partner involvement.
- A highly responsive team: Expect a reply to your queries within 24 hours.
