For those organisations that do not require a full statutory audit, we can carry out an independent examination as well as preparing accounts that meet required reporting standards.
Our specially-trained accountants ensure that trustees are kept up-to-date about the financial and administrative benefits that their legal entity is entitled to. Whether you represent a major organisation with substantial assets or a small volunteer-managed community group, our team makes sure you are equipped with the knowledge and confidence you need to face all challenges and opportunities.
When you need an independent examination
The following criteria are used to determine if your organisation requires an independent examination:
- your charity’s annual income is over £25,000 but not more than £1 million, and
- its gross assets (fixed assets plus current assets) are £3.26 million or less.
In this case, your trustees must arrange for an independent person or accountancy firm to carry out either an audit or an independent examination of their charity’s accounts.
Assurance and Accountability
The purpose of this is to give your charity’s trustees, supporters, beneficiaries and the wider public, some independent assurance that your charity’s money has been properly accounted for and accounting records kept.
The trustees of most charities are able to choose to have an independent examination instead of an audit.
Independent examination is a ‘light touch’ scrutiny involving the examiner checking for specific matters only. Because it is narrowly defined and does not involve forming an opinion as to whether the accounts are ‘true and fair’, it usually costs less than an audit.
The difference between independent examination and audit
The Institute of Chartered Accountants In England and Wales has produced a guide that explains the differences between audit and independent examination.
Trustees should be aware that they cannot opt for an independent examination if the charity’s governing document, a funder or the Charity Commission requires an audit to be carried out.
Our Independent Examination Expert
When you get in touch with Josh Kingston, he will look at the requirements for your organisation and advise you accordingly, ensuring that you are obtaining the precise services appropriate to your needs.