Our independent reporting is conducted in accordance with the following guidance:
- ICAEW Audit and Assurance Faculty technical release “Framework Document For Accountants, Reports On Grant Claims”.
- The Code of Ethics for Professional Accountants issued by the IFAC.
The relevant professional standards applied are dependent on the nature of the work and are promulgated by the International Federation of Accountants (‘IFAC’), however the main standards include:
- International Standard on Related Services (‘ISRS’) 4400 Engagements to perform Agreed-upon Procedures regarding Financial Information.
- International Standard on Audit (‘ISA’) 800 Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
- International Standard on Assurance Engagements (‘ISAE’) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
As auditors and designated First Level Controllers, we have an in depth knowledge of many of the regular donors with whom we are in frequent contact and as a result are able to keep abreast of all their subtle demands and requirements.
We have bespoke audit programmes to verify compliance with the specific funding rules, including:
- Eligible costs
- Programme area
- Exchange rate
Our specialist teams attend regular EC and DCLG workshops and are fully conversant with the financial reporting rules and practical interpretation of the grant reporting rules. We are also in regular contact with the Joint Technical Secretariat (JTS) and the funders to ensure we receive additional guidance as and when it becomes available, which we make available to our clients.
LEES proactively research new funding programmes as they become available to enable us to share our knowledge with our clients.
Our current Professional Indemnity insurance cover is £6 million.