Grant Audit work in Cardiff
We are a small business in Cardiff and have recently won a Technology Strategy Board grant (£160k over 3 years).
The TSB have recently changed their requriements and have included in the audit requirements the following:
5.1.3 Subject to the previous paragraph (5.1.2), the total aggregate liability of the Accountant whether in contract, tort (including negligence) or otherwise, to the Technology Strategy Board and the [participant], arising from or in connection with the work which is the subject of these terms (including any addition or variation to the work), shall not exceed the amount determined in accordance with the capping formula shown below - for small grants this is 100% of the grant proceeds.
As a result our current grant auditors are unable to do the work without charging prohibitive fees. TSB say other auditors have been willing to work to these terms.
Does anyone either know an audit firm in Cardiff willing to do so or have experience in challenging TSB on this.
Previously it has been the beneficiary who is liable to repay the grant rather than the audit firm.