Except for NHS charities, the law in England and Wales requires small charities with annual income above £25,000 to have their accounts independently examined or audited. If your charity does not have an internal or donor requirement for a statutory audit, there are some advantages in opting for an independent examination instead of an audit.
The main advantage of an independent examination is that it requires less scrutiny than an audit and can therefore cost the charity significantly less money than an audit. It also takes less time to complete, compared to an audit. This lessens the burden of compliance and the time can be spent on other activities.
NfP Accountants are specialist charity independent examiners. With NfP Accountants, the charity will never miss a deadline.
- We will complete the work within 30 days – guaranteed
- We will complete the work in accordance with the Charity Commissioner’s Directions
- The work is regulated through the ICAEW’s Practice Assurance Scheme
Some funding comes with a requirement for a grant audit. This may be an annual requirement or just at the end of the funded project. With experience of dealing with grants from major funders such as USAID, ECHO, and DFID (UKAid), NfP Accountants conducts grant audits quickly and in accordance with the requirements of the grant.
Governance and internal audit
The Trustees have the responsibility to ensure that there are adequate systems in place to identify and mitigate the risks that the organisation is exposed to. The Trustees Annual Report is also required to include certain details on the Trustees’ risk management in that year.
NfP Accountants helps small charities assess their risks, develop mitigation actions, and monitor against those actions.
We also offer internal audit work, which is performed using a risk-based approach, to produce a formal letter for the Trustees on the organisation’s risks and control frameworks, to help them ensure that the organisation continues to meet its objectives.