Grant Audit Services - Grant Funding Compliance Audits

Our grant audit service verifies that grants you've received have been spent in compliance with their specific conditions and restrictions. Grant funding is subject to strict conditions and reporting requirements, with funders requiring independent assurance that grants have been used appropriately and in accordance with funding agreements. Acumon provides comprehensive grant audit services, ensuring compliance with grant funding conditions, verifying expenditure, and providing independent assurance to both funders and grant recipients.

Reducing Your Grant Audit Workload

As Chartered Accountants and registered auditors, we reduce your grant audit workload and save you and your staff time by:

• Minimising your audit emails and queries: Using our specifically designed audit portal to streamline communication and document sharing throughout the audit process
• Working remotely when able: Minimising our time at your office while maintaining the same high standards of audit quality and communication
• Working efficiently: Our streamlined audit processes focus on areas of highest compliance risk, ensuring efficient and effective grant compliance verification

Experienced Auditors

We're a leading UK firm of Chartered Accountants*. Our primary office is in West London, and we have an expanding team of 20 experienced auditors, with half having previously worked at leading international accounting firms. As a full-service, mid-tier audit practice, we combine the resources necessary to handle complex audit requirements with the personal attention and responsiveness that comes from our focused size.

Our audit experience includes:

• UK PLCs, limited companies (LLCs) and LLPs
• UK subsidiaries of international groups
• Public Interest Entities (PIEs)

Charity / NFP Experience

Many grants are awarded to charities. Our team brings extensive expertise:

• Charity audit and NFP audit: Comprehensive experience auditing charities and not-for-profit organisations, understanding the unique challenges facing charitable organisations, including fund accounting, restricted fund management, and grant compliance
• Minimising Charity VAT costs: Specialist charity VAT advice identifying opportunities for VAT exemption claims, zero-rating provisions, and partial exemption optimisation, helping charities reduce VAT costs and improve cash flow

Grant Audit Scope and Focus

Our grant audits focus on critical areas ensuring compliance with grant funding conditions:

• Expenditure Verification: Detailed verification of grant expenditure, ensuring costs are eligible, properly documented, and in accordance with funding agreements
• Compliance Assessment: Comprehensive assessment of compliance with grant funding conditions, including eligibility criteria, spending restrictions, and reporting requirements
• Financial Records Review: Review of financial records and supporting documentation, ensuring accuracy and completeness of grant expenditure records
• Match Funding Verification: Verification of match funding requirements, ensuring match funding contributions meet grant conditions
• Output and Outcome Verification: Assessment of project outputs and outcomes, verifying achievement of grant objectives and deliverables
• Reporting Compliance: Verification of grant reporting to funders, ensuring accuracy and compliance with reporting requirements
• Internal Controls Assessment: Evaluation of internal controls over grant expenditure and compliance, identifying areas for improvement

Grant Audit Process

Our grant audit process is structured to provide comprehensive compliance assessment while supporting effective grant management:

1. Planning and Scoping: Initial assessment of grant funding conditions, identification of key compliance areas, and development of tailored audit approach
2. Expenditure Verification: Detailed verification of grant expenditure, testing eligibility, documentation, and compliance with funding conditions
3. Compliance Assessment: Comprehensive assessment of compliance with grant funding conditions, including eligibility criteria and spending restrictions
4. Financial Records Review: Review of financial records and supporting documentation, ensuring accuracy and completeness
5. Output and Outcome Verification: Assessment of project outputs and outcomes, verifying achievement of grant objectives
6. Reporting: Preparation of grant audit report for funders, including findings, recommendations, and management responses
7. Follow-Up: Ongoing support addressing audit findings and implementing recommendations to strengthen grant management and compliance

Grant Audit Reporting

Grant audit reports provide independent assurance to funders on grant utilisation and compliance. Our grant audit reports include:

• Assessment of compliance with grant funding conditions
• Verification of grant expenditure and eligibility
• Evaluation of match funding contributions (where applicable)
• Assessment of project outputs and outcomes
• Identification of any breaches or non-compliance issues
• Recommendations for strengthening grant management and compliance
• Management responses to audit findings and action plans

*Acumon is positioned among the leading UK accountancy firms, having been only £37k short of the top 100 in the Accountancy Age 50+50 list for 2024. Since publication, there have been significant market consolidations; Acumon has continued to grow organically and through strategic acquisitions. Our substantial client base and PIE audit license demonstrate our capability and market position.