Are industrial partners audited?

audited industrial partners
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Are industrial partners audited?

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A. YES.As with any goverment funding, industrial partners must be audited. The requirements for submission of a report (short standard form) completed by an independent accountant vary according to the individual level of support. DTI Grant <£50k: A report must accompany the final claim to cover all claims for the life of the project. DTI grant <250K: A report is required to accompany the first and last claims. The report that acccompanies the last claim is for the second and any subsequent claims up to and including the last claim. DTI Grant >250K< £1M: A report must accompany the first claim. Subsequently a report must be submitted within 3 months after the end of each financial year covering all claims in that year unless covered by an earlier report. A report must also accompany the final claim. DTI Grant >£1M: A report should accompany each claim. NB: Regardless of the size of the grant, partners who do not receive a grant but had their costs included in the calculation of funding