Why Grant Audit Services Are Necessary
Government agencies such as Enterprise Singapore (ESG) and the Infocomm Media Development Authority (IMDA) require audited statements for grant claims to ensure :
- Funds are used for approved purposes
- Claims are supported by valid documentation
- Businesses comply with grant terms and conditions.
You are part of a group structure that requires consolidated reporting or group audits.
- Clawbacks of grant funds due to non-compliance.
- Reputational damage from mismanagement claims.
- Future funding rejection from agencies.
The Key Stages of a Grant Audit (Complex & Non – Complex)
1. Engagement & Scope Definition
• Identify risks at both group level and individual entity level (financial reporting, operational, compliance).
• Evaluate likelihood and impact of these risks.
• Prioritize the risks to allocate audit resources accordingly.
2. Document Collection & Readiness Review
- Gather invoices, payroll, contracts, proof of payments, and deliverables.
- Map each cost to the grant’s eligibility rules and period.
- Flag gaps early to avoid delays.
3. Testing and Compliance Check
- Verify that expenditures are allowable, reasonable, and within the grant window.
- Test internal controls around approvals and segregation of duties.
- Identify ineligible costs or non‑compliance risks.
4. Reporting & Submission
- Prepare the audit report in the funder’s required template.
- Summarise findings and recommended corrections.
- Support management with clarifications to the funding agency
5. Consolidation of Findings
- Advise on process improvements for future grants.
- Provide a documentation checklist and retention guidance.
- Optional review before the next application round.
The Key Stages of a Grant Audit (Complex & Non – Complex)
1. Engagement & Scope Definition
• Identify risks at both group level and individual entity level (financial reporting, operational, compliance).
• Evaluate likelihood and impact of these risks.
• Prioritize the risks to allocate audit resources accordingly.
2. Document Collection & Readiness Review
- Gather invoices, payroll, contracts, proof of payments, and deliverables.
- Map each cost to the grant’s eligibility rules and period.
- Flag gaps early to avoid delays.
3. Testing and Compliance Check
- Verify that expenditures are allowable, reasonable, and within the grant window.
- Test internal controls around approvals and segregation of duties.
- Identify ineligible costs or non‑compliance risks.
4. Reporting & Submission
- Prepare the audit report in the funder’s required template.
- Summarise findings and recommended corrections.
- Support management with clarifications to the funding agency
5. Consolidation of Findings
- Advise on process improvements for future grants.
- Provide a documentation checklist and retention guidance.
- Optional review before the next application round.
Common Pitfalls to Avoid
Missing or incomplete supporting documents
Costs not allowable under the
scheme
Claims outside the approved grant
period
Late appointment of auditor, causing missed deadlines
Why Choose Us?
Scheme Experience
Experience with EDG, PSG, MRA and sector‑specific grants.
Fixed & Transparent Fees
Up‑front quotes with clear deliverables.
Responsive Turnaround
Tight deadlines need quick communication.