Innovate UK, a part of UK Research and Innovation, is focused on helping the development of UK businesses through innovation, enabling the creation of new products, services, and processes essential for growth and scalability.
Utilising its smart grants, Innovate UK champions the most innovative and commercially promising ideas. The grants are tailored to support projects that have the potential to significantly enhance the UK’s economy and foster sustainable growth.
The Audit Process
Once a business secures Innovate UK funding, it must arrange for an Independent Accountant to conduct an audit. The purpose of this audit is to verify that the expenditure aligns with the grant’s terms and conditions. Typically, funding claims for the approved project are submitted quarterly. Depending on the size of the grant awarded, an Independent Accountant’s Report (IAR) will be required either with all individual claims, the first and last claims, or solely with the final claim in the case of lower value grant awards.
Examples of the work required by the Independent Accountant include:
- Ensuring that expenditure falls within the project start and end dates;
- Verifying expenditure to supporting evidence;
- Checking that any amounts claimed exclude VAT;
- Confirming that no other public funding has been claimed for the same expenditure; and
- Testing overheads included in the grant claim.
How M+A Partners can help
At M+A Partners, our specialist team have extensive experience in performing Innovate UK grant audits, offering a professional, responsive and cost-effective service.
If your business requires an Independent Accountant’s Report for Innovate UK grant claims, our audit team is here to help. Please get in touch with our experts, or email enquiries@mapartners.co.uk.
