Independent Accountant’s Report

Businesses in receipt of grant funding from bodies like Scottish Enterprise and Innovate UK have to submit at least one Independent Accountant’s Report (IAR) during the claim process to access all of the funding awarded. At Consilium Chartered Accountants, we specialise in delivering accurate, timely IARs that help UK businesses stay compliant, avoid funding delays, and maintain strong relationships with funders. Whether as part of our end-to-end Grants Advisory service or providing a stand-alone Independent Accountant’s Reports, our ICAS-registered auditors take the reporting burden off your team.

Here we explain what an Independent Accountant’s Report includes, when it’s required, and how Consilium’s tailored support ensures your funding obligations are met with minimal disruption.

Quick links:

• What is an Independent Accountant’s Report?
• Who needs an Independent Accountant’s Report?
• Independent Accountant’s Report: key elements
• Why is an IAR important?
• Are Post-Completion Monitoring reports the same as IARs?
• Why choose Consilium for your Independent Accountant’s Reports and Post-Completion Monitoring?

What is an Independent Accountant’s Report (IAR)?

An Independent Accountant’s Report (IAR) or a grant audit, as it can also be known, is a report issued by a registered auditor to confirm that the terms of a funding agreement have been adhered to. IARs are used by funding bodies, such as Scottish Enterprise and Innovate UK, to ensure that their grants have been allocated as intended.

IARs are designed to protect public money by ensuring the criteria set out in the grant award have been met. While primarily focused on financial criteria such as capital expenditure or employment costs, IARs also consider other grant award stipulations, such as job creation.

Consilium provide Independent Accountant’s Reports as part of our Grants Advisory service. As ICAS-registered auditors, we offer clients end-to-end management of the whole funding process. We also support new clients with stand-alone IARs where Consilium has not been involved in securing the initial grant award.

Who needs an Independent Accountant’s Report?

Depending upon the terms of each grant, most businesses in receipt of funding will be required to submit an Independent Accountant’s Report.

The number of IARs required can vary between funding bodies, and will typically depend on the size of the grant awarded.

An IAR is typically due at the beginning and the end of the funding period, but can also be required throughout the project based on pre-agreed milestones. The final grant payment is often linked to the submission of a final Independent Accountant’s Report. Irrespective of whether reporting is required once or more frequently, submitting an accurate and timely IAR in each case is essential.

The claims process can be an administrative burden for clients, taking up limited time and resources. Consilium takes that burden away and delivers clients accurate and efficient Independent Accountant’s Reports with minimal impact on day-to-day operations. We achieve this by liaising with funding bodies on clients’ behalf to ensure any issues are addressed in advance of a claim being submitted, and by reviewing claim forms for consistency with the findings of our work before final sign-off and submission. Our process ensures claims are prepared quickly and accurately, and are approved by funders first time, allowing rapid access to funding.

Speak to our lead partner, Linzi Wilson and learn how Consilium can help your business secure grant funding or meet your reporting requirements.

The Independent Accountant’s Report: key elements

Every Independent Accountant’s Report will vary depending on the terms of the grant award. However, they will typically include:

• Verification that capital expenditure, labour costs, and other eligible spend requirements have been met
• Evidence that key jobs have been safeguarded or created as required
• Assurances that any other conditions imposed by the funder have been met

Consilium’s Corporate Finance team has extensive experience delivering IARs for client projects, both as part of our Grants Advisory package and as a standalone service.

We have established strong relationships with Scottish and UK grant funders, including Scottish Enterprise and Innovate UK, and possess a detailed understanding of individual requirements. This is particularly beneficial for clients as Consilium can advise on the format and content of claims forms, ensuring they are completed to the satisfaction of the funder and thus avoiding delays in accessing funding. 

If your business needs to submit an Independent Accountant’s Report, we would be delighted to talk about how we can help your business meet its funding obligations.

Why is an IAR important?

Grant funding agreements from the likes of Scottish Enterprise and Innovate UK often make an IAR mandatory. IARs help businesses demonstrate ongoing compliance with funding conditions.

Timely completion ensures funds can continue to be drawn down and fosters a good relationship with the funder. Many of Consilium’s clients have secured multiple grants thanks to our advice and the reputation they have established with funders.

Critically for businesses, having an IAR completed by an external advisor can highlight any discrepancies or non-compliance before submission. With Consilium’s help, clients have been able to deal with issues proactively before final reports are submitted. This helps avoid potentially lengthy delays in accessing grant funds, which can be critical to the ongoing success of the project.

To learn more about the benefits of engaging Consilium to complete your IARs, speak to lead Partner Linzi Wilson.

Are Post-Completion Monitoring reports the same as IARs?

Post-Completion Monitoring reports (PCMs) are not the same as Independent Accountant’s Reports.

Post-Completion Monitoring reports are designed to assure funders that the criteria for grant awards continue to be met for set periods after the project completes. They provide longer-term protection over public money and help prevent businesses from abusing grants, for example, by creating jobs or buying assets, then terminating employees or selling assets to recoup cash when the funding period ends. In practice, PCMs can often be required for up to five years after the final drawdown of funding.

Consilium Chartered Accountants prepare PCM reports for clients across a range of Scottish and UK funding programmes. In keeping with our approach to IARs, we help clients meet their funding obligations with minimal effort. We take your business data and provide definitive evidence that funding has been used correctly and has achieved the objectives set out by the original grant award.  Where necessary, we liaise with funders to discuss any discrepancies or issues with the aim of resolving these in a manner that is agreeable to all parties.

Why choose Consilium for Independent Accountant’s Reports and Post-completion monitoring?

• Comprehensive end-to-end management of the grant funding process
• A 100% success rate for grant funding applications
• Extensive experience delivering both Independent Accountant’s Reports and Post-Completion Monitoring reports
• Strong relationships with major grant funding bodies, including Scottish Enterprise and Innovate UK
• Cost-effective fee structures for businesses located anywhere in the UK
• Fast turnarounds on both IARs and PCMs.

Contact lead Partner, Linzi Wilson, for an informal discussion about our grants advisory services, including Independent Accountant’s Reports. Linzi will also be happy to speak to you if your business has already applied for grant funding and requires help with an IAR or Post-completion monitoring reports.

You can also review the business grant funding programmes we support clients with.

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