The Cabinet Office has issued a consultation on the audit and independent examination of charities. The consultation document looks at recommendations to increase the financial thresholds determining whether charity accounts must be audited or examined. It is said that the proposals would make up to 4,000 charities exempt from the “expensive” requirement for a full audit. There are 10 consultation questions and the deadline for responses is 27 January. The consultation includes whether the threshold for audit should increase from £500,000 to £1million or Total assets of £3.26m and income of £250,000 to Total Assets of £3.26m and income of £500,000. Click Here for more details.
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