Date posted: 15th Mar 2023
Does my Innovate UK grant require an audit?
How often do I need an audit for my Innovate UK grant award?
- Grant of under £50k = no independent accountants report required
- Grant of £50k to £100k = 1 accountants report required at the end of the project
- Grant of £100k to £500k = accountants report required with first claim and final claim
- Grant of £500k to £2m = accountants report required with first claim, final claim and on each anniversary of the project start date
- Grant of over £2m = accountants report required with all claims
Note that each report covers the period from either the start of the project or from the cut-off date of the previous report such that all project expenditure has been subjected to audit by the end of the project.
Does my Innovate UK grant project need to be audited by a registered auditor?
How often can I submit Innovate UK grant claims?
What does defrayed expenditure mean for business grant claims?
How are labour costs calculated for Innovate UK grant claims?
What will be checked in the audit?
Typical documentation the auditors may expect to see includes:
- Payroll records for gross pay and on-costs
- Timesheets recording hours worked on the project
- Employment contracts for employees included within the labour claim
- Bank statements evidencing payroll costs
- Invoices for materials and other expenditure items
- Expenses claims and receipts
- Evidence of invoice and expenses payments
- Basis of calculations for overheads where not set at the standard 20% and supporting financial information such as management accounts