UK charity regulators revise guidance for auditors
13 Apr, 2017
New enhanced joint guidance from UK charity regulators sets out what auditors, and other independent examiners, must report. The updated guidance revises the list of matters of material significance that auditors should consider in meeting their reporting requirements to the charity regulators.
The updated guidance has been published by the Office of the Scottish Charity Regulator (OSCR), the Charity Commission for England and Wales (CCEW) and the Charity Commission for Northern Ireland (CCNI). In all three of these jurisdictions, auditors and other examiners are legally required to report any matters of material significance to the regulator. The new guidance adds two new areas for reporting in this area:
- If an auditor has concerns regarding a charity’s accounts and issues a modified audit opinion report or qualified independent examiner’s report.
- Where an auditor has concerns that conflicts of interests or related party transactions have not been properly managed or declared.
The revised guidance is applicable for accounting periods beginning after 1 May 2017.
For the press release click here.
For the revised list of matters of material significance click here.
