Receiving a grant can be fantastic for businesses and not for profit entities. In order to comply with the requirements of these funding agreements, your spending may be subject to being audited. These audits ensure that every penny is properly managed and utilised.  

At Fiander Tovell, we specialise in auditing grants, helping you meet the requirements often stipulated in your grant agreement or contract. With our expertise, you can rest assured that your requirements for funding have been effectively managed, paving the way for your business to succeed. So, let us help you navigate the complexities of grant audits, so you can focus on what you do best. 

What is a grant audit?  

Audits are typically done on grants during or at the grant period’s end. They are used to ensure compliance, transparency, and the proper use of resources.  

It involves an auditor reviewing records to verify: 

• Allowable costs and the legitimacy of expenses purchased with grant money 
• Programme income generated by the grant and programme performance 

It’s important to note that grant audits are not always needed and will only be required if the benefactor requests it. Usually, government bodies tend to request audits along with their funding programmes.  

The procedures of the grant audit can vary based on the funding provided and the requirements inherent in the grant agreement.  

Appointing an Auditor 

If you’re required to complete a grant audit to secure your external funding, one of the most important steps is to appoint an auditor at the acceptance stage of the grant. By appointing us early, we can gain a comprehensive understanding of your project, allowing us to conduct a more cost-efficient and time-efficient grant audit. 

You’ll need to organise the audit and cover any associated fees. However, you may be able to apply to the grant-awarding body to retrospectively cover the cost of the audit, or it might be included within the funding award, so the expense may not be a concern. 

Get in touch 

If your grant requires an audit, we are happy to assist your business or not for profit entity throughout, to ensure a smooth process. We want to make sure you reap all the possible benefits from the grant.  

If you would like to enquire about our services or discuss the process with a member of our audit team, please contact our Client Director, Mark Gregory at markgregory@fiandertovell.co.uk.