Independent expenditure review
Startup grant use-of-funds audit
A transaction-level review of how grant money was used, whether records support it, and whether each item fits the approved purpose.
Request a scoped estimate
- Typical timeline
- 10–15 working days after a complete file
- Delivery
- Remote across ZA; document meeting from Gqeberha
- Fee basis
- Scoped quote, usually from R14,800
Who this audit is for
The engagement suits an early-stage business that has received non-dilutive funding and needs an independent view of expenditure before a milestone, close-out or funder review. Incubators and grant administrators may also commission a review across one funded entity.
What we examine
We agree the grant period and use the signed funding agreement as the governing record. The review normally covers:
- the approved budget and later written variations;
- grant receipts and the dedicated or operating bank account;
- supplier invoices, receipts, contracts and proof of payment;
- payroll records where salaries or stipends are permitted;
- asset purchases, ownership evidence and business use;
- transaction dates, VAT treatment and budget classifications; and
- founder explanations for missing, unusual or related-party items.
The work does not certify the startup’s full annual financial statements, value the business, investigate fraud, or provide legal advice. If the funding agreement requires a statutory audit or registered auditor’s opinion, we will say so before accepting the brief.
The sequence
1. Scope and document request
We read the agreement, confirm the reporting cut-off and issue a secure document list. You nominate one person to answer queries and explain approved changes.
2. Reconciliation and testing
Grant receipts are reconciled to the bank record. Expenditure is grouped by approved budget line, and transactions are tested against invoices, payment evidence, timing and purpose. Sampling may be used for high-volume categories; all material or unusual entries are examined.
3. Queries and corrections
You receive a numbered schedule rather than scattered emails. A five-working-day response window is typical. Corrected invoices, written approvals and reclassifications are retained with the working file.
4. Final report
The report sets out scope, records reviewed, expenditure by budget line, exceptions, management responses and unresolved amounts. A closing call explains what must be corrected before the next submission.
Prepare before we begin
Export bank statements in PDF and spreadsheet form, keep invoice filenames legible, and place each written budget approval with the relevant funder correspondence. Do not recreate missing records without marking them as replacements.
Constraints and timing
The 10–15 day window begins once the requested file is substantially complete. Poor scans, mixed personal spending, multiple currencies or high transaction volume can extend the review. We never change a finding merely to meet a reporting date, but we will identify urgent evidence gaps early.
Fee and next step
Fees usually start at R14,800 excluding VAT for one grant, one entity and up to 120 transactions. The final quote depends on record quality, transaction count, grant conditions and deadline. Send the grant value, period, reporting date and approximate transaction count for a written scope.