Independent Examination
Our Services
How we can help
Do you or a collective operate a Charity, Community Interest Company (CIC) or a limited company via guarantee within the UK? Then you may need an independent examination, a compliance review into the accounts to be presented or a check into any disclosures to ensure they are true and correct. Our advisors at RFBS have years of experience in the charity section and can help to support your organisation and check you are compliant with all necessary statute under the Charities Act.
Under the Charities Act, all types of firms registered above that meet the following requirements must undertake an independent examination:
- Turnover between £25,000 and £1,000,000
- If turnover is above £250,000, there is less than £3.26 million in assets
Should the requirements above be exceeded via assets, turnover or both, then a full statutory external audit must be carried out.*
Our work will include a review of the accounting records kept by a charity and a comparison with the accounts presented, seeking out unusual items or disclosures identified, in accordance with the requirements set out in paragraph 145 of the Charities Act 2011, and conducted in compliance with the Independent Examination of Charity Accounts: Examiners’ Guide.
*The firm is not currently licensed to undertake external statutory audit work at this time.
Our help and advice can include
- Checking that proper and full accounting records are kept
- The accounts are a true reflection of the records currently held
- If the business uses accruals accounting (above £150,000 turnover) that accounts are preparing in line with the legal requirements of this
- Ensure all accounts are prepared in line with the Statement of Recommended Practice (SORP)
- Identifying other areas of concern such as non-compliance with the Charities Act, material misstatement within the accounts or key focus areas of the Charity Commission
- Resolving any misleading, false or criminal disclosures and activities
- Improving controls and proposing improvements to the Board of Trustees