Independent accounts

Independent accounts report - grant for business investment (Department for Business Innovation and Skills - BIS)

Reports on grant claims from companies and from businesses that are not incorporated under the Companies' Acts and where the total grant offer is less than GBP25,000 may be made by members of the following accountancy bodies:

  • The Institute of Chartered Accountants in England and Wales
  • The Institute of Chartered Accountants of Scotland
  • The Institute of Chartered Accountants in Ireland
  • The Association of Chartered Certified Accountants
  • The Chartered Institute of Management Accountants
  • The Association of International Accountants
  • The Chartered Institute of Public Finance and Accountancy
  • The Institute of Chartered Secretaries and Administrators
  • The Association of Accounting Technicians

Notes
In every case the accountant must be independent of the company/business claiming the grant and must hold a current practising certificate issued by one of the bodies as above.

It should be noted that a company whose turnover does not exceed the statutory audit threshold of GBP5.6m might still be eligible for grants of GBP25,000 or over.

In such a case, the grant has to be reported on by an accountant who is a registered auditor. The requirement to report on grants is separate from that for statutory audit of companies or exemption there from.

Any future revision increasing the current threshold of GBP25,000 in relation to any programmes/grant schemes will be reflected in the grant offer letters. Members of the institute will accordingly be eligible to report on a higher level of grant subject to the conditions noted above.

Members should also check the examination and / or reporting requirements pertaining to a particular grant directly with the grant provider in relation to the terms and conditions imposed on a particular award and consequently on their eligibility to carry out the work.

For more information on this subject please visit the BIS website, find more information or call +44 (0)20 7215 5000.