Technology
Grant Assurance – Independent Accountant’s Reports
A grant could provide funding to help your business start-up, develop, and grow. Grants can provide valuable resources for organisations to carry out projects or provide services they otherwise would not be able to.
Grant funding bodies, such as Innovate UK, like to have some comfort that the grant they are providing is funding the right expenditure, as outlined in the grant agreement. Usually, this is in the form of an Independent Accountant’s Report (IAR).
What is an Independent Accountant’s Report?
An IAR is essentially an assurance report prepared by an independent accountant (in this case, us) that tells the grant provider that the terms of the grant agreement are being met, and your company is using the grant money for the right reasons.
How do I get an Independent Accountant’s Report?
Most grant providers will leave the process of organising an IAR up to the recipient. To receive a report yourself, you’ll need to contact a trusted, independent accountant and registered auditor.
As a chartered, independent accountants’ firm we have extensive experience with grant audit services.
When is an Independent Accountant’s report due?
This largely depends on the grant provider and the size of the grant. A report is typically requested at the end of a grant period. A report may also be required after the first quarter as well as at the end of the grant period, though there can be intervals between these, too.
The grant provider may hold back funds until an IAR has been prepared and submitted, which could have a significant impact on your company and its cashflow.
So, be sure to contact an independent accountant long before you need your IAR to ensure its submission in a timely manner.
A guide to understanding Independent Accountant’s Reports
Have you been asked to provide an Independent Account’s Report (IAR)?
Download our guide to find out more about Independent Account’s Reports including what they are, why your business needs one and how we can help.
Contact us for help with an Independent Accountant’s Report
If you’re still unsure about the IAR process, or if you’d like to find out more about grants in general, contact our team today. We can help you with any queries you have about obtaining grants, from the application process to the final report.
Plus, our team are on hand to provide any accountancy services you may need, from outsourcing your payroll, to corporate tax planning services, and small business support.
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