What is a grant audit?
A grant audit involves checking that a grant report agrees with the underlying financial records and transactions, for the period covered by the grant report. This includes:
- Sample checking some transactions to source documents
- Agreeing the salaries to the payroll
- Checking the overhead allocation
- Any other checks the funder may require.
When do you need a grant audit?
You only need a grant audit if this has been specifically requested by the grant funder. Most grant funders do not require audits; the ones that do are usually government or European grants. If a grant needs an audit then you should apply for funding to cover the audit fee as part of the grant bid.
Even if we have audited your annual accounts, a grant audit is a separate piece of work; having audited accounts does not make a separate grant audit unnecessary.
Slade & Cooper grant audits
As registered auditors we are able to carry out grant audits for our clients. During this process we will often learn the detail of our client’s systems, and we will always give you feed back if we think any improvements can be made.