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The Charity Commission publishes a follow up of its review into reporting of matters of material significance by auditors.

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02 Jan 2019

The Charity Commission has published a follow up of its review into reporting of matters of material significance by auditors.

Auditors of UK charities have a duty to report any matters of material significance that they identify in the course of their work to their respective charity regulator as soon as they become aware of it.

With effect from 1 May 2017, the list of reportable matters to the Charities Commission includes where an auditor intends to give a modified audit opinion and/or an audit opinion that includes paragraphs about an emphasis of matter or material uncertainty regarding going concern.

An initial review was undertaken by the Charity Commission in February 2018. Results indicated that of the 114 audit reports that should have been reported to the Charity Commission as a matter of material significance, only 28 reports were given.

The Charity Commission undertook action in response to the low level of compliance and the results of this action are summarised in the follow up report.

The Charity Commission review reminds trustees of the list of matters of material significance that they need to be aware of and the duty placed upon an auditor to report these to the regulator.

The press release and follow up report are available on the Charity Commission website.

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