With the increase in audit thresholds to £1,000,000 of income, significant numbers of additional charities will now fall within the bands which permit independent examination of their financial statements.
The revision of CC32 – Independent examination of Charity Accounts: Directions and guidance for examiners is out for consultation. The number of Directions has increased from 8 to 13. The order of some of the Directions has changed and guidance has been reworded, using a plain English approach, emphasising the use of the word ‘should’ meaning that
this is what is expected of the examiner.
Additional guidance on conflicts of interest / related parties and financial sustainability has been added. New reports for company and non-company charities have also been included.
It is not expected that the work your independent examiner performs will be substantially changed however the report issued in your accounts will look different.
We will advise you of any changes impacting your charity.