First Previous - Page 1 of 1 - Next Last

Audit of Accounts

  • Member PM.Dip
  • Practice Licence
  • 8 posts
  • # 122961

I have been asked by a small charity within my town if I can audit their annual accounts.

They have said they can provide me with their annual accounts, which consist of a spreadsheet of their annual accounts, along with their bank statements and invoices.

All I have to do it check to see if I agree that all transactions have been included in this spreadsheet and the final balances agree with the bank statements.

Can anyone tell me if I am legally allowed to audit these accounts and sign to say that I agree with their findings.

I am qualified to AICB level.

It seems very straightforward but I don't want to issue a statement that I have audited their accounts if I am not legally allowed to do so.

Thanks

 

 

 

 

  • Student
  • 7 posts
  • # 122962

.

Edited at 20 Oct 2024 11:33 PM GMT

  • Student
  • 7 posts
  • # 122963

Just to add, you will also be required to hold an auditing practise licence given to you by the recognised bodies mentioned below. 

 

75.151 Who can act as an auditor?

 

An auditor must be independent of the company [Note 19] with a current practicing certificate issued by one of the recognised supervisory bodies [Note 20]. The recognised supervisory bodies currently (2011) are The Institute of Chartered Accountants in England and Wales, The Institute of Chartered Accountants of Scotland, The Institute of Chartered Accountants in Ireland, and the Association of Chartered Certified Accountants.

 

https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts#auditors

  • Member
  • Practice Licence
  • 2 posts
  • # 122968

 

Doi they need an Audit, or would an 'Independent examination' suffice.

 

Its my understanding these can be undertaken with an ICB Practice license. Guidance on the Charity Commission website.

 

Simon

  • Student
  • 7 posts
  • # 122969

Simon, as per the Guidance below, it does not even list ICB in the Appendix list of approved independent examiners body.

Independent examination of charity accounts: guidance for trustees (CC31)

Appendix: independent examination of charity accounts CC31

 

Could you please share what section or url of charity commission did you read that ICB practice holders can be an independent examiner?

 

Url source

Independent examination of charity accounts: guidance for trustees (CC31) - GOV.UK



Edited at 28 Oct 2024 07:06 PM GMT

First Previous - Page 1 of 1 - Next Last
bottomBanner
loading