The Charities Act 2011 has recently been updated to increase the audit threshold for charities. For accounting periods ending on or after 31st March 2015 charities with income over £1 million will now require an audit.
For accounting periods ending prior to this date the audit threshold was £500,000.
If the charity’s constitution, however states that the charity requires an audit, this will take precedence over the changes in legislation.
If the charity’s income last year was in excess of £500,000 but less than £1 million, subject to the constitution the accounts may no longer be required to be audited. The trustees can still decide whether they require the additional assurance of a full audit under the Charities Act which many trustees may feel they need as it is charity funds they are responsible for.
We remind all trustees that charities with an income in excess of £25,000 require a formal Independent Examination.
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