What is an accountant's report for?
A grant funding body likes to have some comfort that the grant that it is providing is funding the right expenditure in accordance with the terms of the grant and often requires further review from an independent accountant.
Who arranges an independent accountant's report?
Generally, the grant funding body will leave it to the grant recipient to arrange for the appointment of an independent accountant to undertake the report, although it often stipulates that the accountant must be a registered auditor.
Who does the independent accountant's report go to?
As the independent accountant is selected and appointed by the grant recipient, the IAR is issued to the grant recipient, although it is usually recognised that the report will also be seen by the grant funding body.
When is an independent accountant's report due?
This largely depends on the grant funding body and the level of expenditure. However, as a general rule, reports are usually required for the first quarter period for which the grant is claimed, at the end of the grant period and at annual intervals in between if appropriate.