Date posted: 22nd May 2025
By Carl Wright
As Partner and Head of grants, I have over 12 years of experience working with grant funds of all sizes and thought I would shed some light on a key part of the UK grant process – grant audits and independent accountant’s reports (IARs).
So, what exactly is an independent accountants report?
Many of the grant schemes available to businesses today require an independent accountant’s report (IAR) to be submitted in support of claims for grant drawdown, often on at least an annual basis. The IAR process is, in its simplest form, an audit process that assures that the project meets the relevant terms and conditions of the grant funding agreement. This ensures a smooth process for both the applicant and the funding body, providing peace of mind not only for the funder but also for you and your business. The audit can help make sure that you are fully compliant, whilst ensuring you are claiming the maximum funding you are entitled to under the terms of the grant. Our expert team can work with you and help identify any errors and issues before your final claim is submitted, reducing the risk of future grant clawback.
Do I need a grant audit/IAR?
The majority of grant funding agreements will typically specify when an audit needs to be carried out, and to what level. This can range from quarterly reporting to a single report at the end of the project, with costs borne by the applicant. However, sometimes the terms of the funding agreement allow for the audit fees to be included as part of eligible expenditure, so it is worth reviewing the agreement and guidance carefully! Get in touch with our team here.
What is reported in a grant audit?
An independent accountant’s report (IAR) will be produced for submission to the funding provider once the grant audit has taken place. The report gives a validated, trusted opinion on whether the grant claim being submitted is compliant with the terms and conditions of the funding agreement, as well as confirmation that the amounts included on the claim have been incurred and defrayed by the beneficiary.
I require a grant audit, so what is the first step?
The first step in getting started with a grant audit is to get in touch with a member of our team. In the initial discussion, we will take some details from you and agree on a timescale for the audit to be completed. It typically takes two weeks to complete a grant audit, however, this can vary depending on the size and complexity of the claim.
Why should I choose Clive Owen LLP?
My team and I have extensive experience in delivering grant audit services, having produced hundreds of independent accountants reports (IAR) across a range of schemes over the last ten years. This includes IARs for Innovate UK funding, regional capital grant schemes, and national schemes ran by Department for Business and Trade, DEFRA, and the Department for Education (including Annex G reports), among others.
What other grant advisory services do you offer?
In addition to our grant audit work, Clive Owen LLP provide grant application bid writing services, having supported our clients in securing over £300m of grant funding. We also have extensive expertise in delivering grant appraisal and due diligence reports which are key requirements for many grant schemes.
What do our clients say?
Anyway, you have heard enough from me, so I will let one of our grant audit clients have the final word…
FAI Farms work with some of the world’s biggest businesses, using science, technology and data to deliver practical tools that deliver better on farm results and improved sustainability of farmed animal supply chains. We recently secured substantial UK grant funding for our FLOCKWISE project which is focussed on improving the health, welfare and productivity of laying hens.
Clive Owen have supported us with grant audit services, including producing an independent accountant’s report to enable us to draw down our FLOCKWISE grant funds. Both Eleanor Kay and Carl Wright were on hand to guide us through the process, which was quick and seamless. They had excellent knowledge and worked collaboratively with us to ensure our grant claims were complete and compliant.
I would recommend that anyone with a UK grant audit services requirements should work with Clive Owen’s grant team.
If you require any advice on a grant audit or have another grant query, then speak to our team here.
