Show and tell
Auditors and independent examiners of UK charities must be up to date with the latest reporting requirements.
Auditors and independent examiners of UK charities have a long-standing duty to report any matters of material significance that they identify in the course of their work to the relevant charity regulator, as soon as they become aware of it.
Over the past year, there have been some changes to the list of reportable matters and members must make sure that they are aware of the resulting extensions to their reporting duties and fully complying with them.
In April 2017, following a period of consultation, the Charity Commission for England and Wales (CCEW), the Charity Commission for Northern Ireland (CCNI), and the Office of the Scottish Charity Regulator (OSCR) issued a revised list of matters of material significance.
Guidance from regulators
In September 2017, CCEW published updated guidance in Independent examination of charity accounts: Directions and guidance for examiners (CC32) (at tinyurl.com/AB-Examine) and this became mandatory from 1 December 2017.
In November 2017, CCEW, CCNI and OSCR jointly issued Matters of Material Significance reportable to UK charity regulators - A guide for auditors and independent examiners, including examples of relevant matters which may be reported.
Also in November 2017, the Financial Reporting Council (FRC) issued a revision of Practice Note 11: The audit
of charities in the UK, including guidance on how the auditor ensures that they comply with their statutory duty to report matters of material significance to the relevant charity regulator.
Find out moreMembers of the Audit and Assurance Faculty, IAAE and subscribers to Faculties Online
Read the full article: Show and tell
To read the complete article, subscribe to Faculties Online or join the Audit and Assurance Faculty and get access to this article in full, plus all future publications, events, webinars and services.