Auditors and independent examiners have a duty to report to the relevant Regulator matters of material significance which they discover in the course of carrying out their audit or examination work. CCEW and OSCR previously produced a list of matters to be reported; the establishment of CCNI has led to a proposed new list which has led to some consultation to obtain views on:
- whether the matters outlined are the correct matters which should be reported
- are the descriptions of the matters clear and helpful
- if there are any other matters which should be included or removed.
The consultation may not directly impact on charities, but it is important to be aware of the responsibilities of auditors and independent examiners. Regulators do not look kindly on a charity whose auditor or examiner reports a matter of material significant and the charity itself has not reported the matter.
The consultation is now closed and the feedback is currently being analysed. We will update you on the outcome. More information is available here.
This article features in our Charity Newsletter Spring 2017. To see the full version please click here.
If you would like to find out more about any of the topics covered in our Charity Newsletter and how we at Robinson Reed Layton can assist, please contact our Charities Partner, Mark Williams, on 01872 276116 or mark.williams@rrlcornwall.co.uk. You can signup to receive our Charity Newsletter here.
This publication has been prepared by Robinson Reed Layton. It is to be treated as a general guide only and is not intended to be a comprehensive statement of the law or represent specific advice. No liability is accepted for the opinions it contains, or for any errors or omissions. All rights reserved.
Updated 24 April 2017