CHARITIES
The Audit Experts provide independent examinations and audit services to charities in England and Wales. Below is a summary of the regulations that determine whether a charity requires a complete audit or an independent examination:
1. An independent examination is necessary if the charity’s income exceeds £25,000. This must be conducted by an independent person who is reasonably believed by the trustees to possess the necessary practical experience and ability to conduct a competent examination of the accounts.
2. If the charity’s income exceeds £250,000 but the audit thresholds are not met, an independent examination must be conducted by Fellows of the Association of Charity Independent Examiners or members of eligible accounting bodies, such as ICAEW or ACCA.
3. A statutory audit is required for the charity if it satisfies either of the following criteria:
- It has an income exceeding £1 million.
- It has gross assets exceeding £3.26 million and an income exceeding £250,000.
Please contact us to arrange an initial discussion if you are interested in conducting an independent examination or audit of your charity.
