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)
What is a grant audit?
A grant audit is an independent review to confirm that government grant funds are used in accordance with approved grant terms. It verifies that claims are accurate, supported by proper documentation, and comply with funding conditions.
Why is a grant audit required?
Grant audits are required by funding agencies such as Enterprise Singapore and IMDA to ensure accountability, prevent misuse of funds, and safeguard public resources. A compliant audit also reduces the risk of grant recovery or rejection of future claims.
How is a grant audit different from a statutory audit?
A grant audit focuses only on grant-related expenses and claims, while a statutory audit reviews the company’s overall financial statements. Grant audits are usually conducted on a per-project or per-claim basis rather than annually.
Which grants commonly require an audit?
Many Singapore government grants require an audit, including the Enterprise Development Grant (EDG), Market Readiness Assistance (MRA), Productivity Solutions Grant (PSG), and other sector-specific schemes, depending on grant size and conditions.
When should a business appoint a grant auditor?
It is best to engage a grant auditor early, ideally before major project costs are incurred. Early involvement helps ensure documentation is complete, expenses are eligible, and submission deadlines are met smoothly.
Where can I obtain grant audit services in Singapore?
Grant audit services are typically provided by licensed public accounting firms with experience in government grants. Businesses may also refer to approved auditor listings from grant agencies or professional accounting bodies in Singapore.
What should I consider when choosing a grant auditor?
A suitable grant auditor should be familiar with common Singapore grant schemes, communicate clearly, meet tight timelines, and provide transparent pricing. Experience dealing with grant authorities is a key advantage.
What are common issues faced during grant audits?
Typical challenges include missing supporting documents, expenses incurred outside the approved claim period, ineligible cost items, and delays caused by late auditor appointment.
How can grant audits be completed more efficiently?
- 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.
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.