Charity Audits; Here's the Process

Do charities need audits? It depends on how big the charity is. In 2015, new rules were brought in concerning charity audits, which we'll look at shortly.

At Keith Graham, we provide audits for charities across the Hampshire and Surrey region. Let's take a closer look at what happens if you need to carry out an audit of your charity.

Which Charities Need Audits?

As mentioned, the rules changed in 2015 for the charities that require audits, and you can read more details about this on the Gov.uk website.

Before 2015, charities with an income of over £500,000 were required to have an audit. But from 2015 onwards, that figure was doubled to £1 million.

However, charities with an income below £1 million but with assets valued at £3.26 million or more must still be audited.

From now on, charities with an income over £250,000 but under £1 million must be independently examined, which is a different process.

You can read about the rules for different income levels in greater detail by visiting the Resource Centre website.

If you only need an independent examination, this is different from an audit. It only gives limited assurance compared to reasonable assurance, and it shows that nothing has come up to suggest the accounting records have not been kept properly.

Even if you are not required to have an audit, you may still prefer one to get a higher assurance level. This can help to provide more confidence in the reported figures and identify potential problems. It also allows the auditor to provide more detailed advice on improvements you can make.

Our Auditing Service

We provide professional auditing services for charities and businesses. We act as independent auditors, and we are authorised by the Institute of Chartered Accountants in England & Wales (ICAEW).

We make the process simple, accurate and efficient for everyone involved. Our charity audit service is strictly confidential, and it will provide you with peace of mind because you will know that your accounts are in order.

We use proper auditing techniques and carry them out to a high standard.

Charity Audits: The Process

An audit involves scrutinising the accounts, and during the process we will look for evidence that shows your accounts can be described in what is called a 'true and fair' way.

The audit process is fairly straightforward, and we make it as easy as possible for you.

We will start by providing you with details of the records that you need to gather in good time. This allows you to have everything ready when we arrive, making it more efficient for both parties and helping to save time.

We will then set up a timetable that we both agree upon. On the day of the audit, we will carry out the work on your premises if possible. We will do as much as we can there, although this can depend on various issues such as the amount of space available.

Once we have finished the audit, we will report back to you with our findings. This will contain clear advice free from complicated jargon so you understand everything.

If there are any issues that arise, we will work with you closely and provide you with details on the steps you need to take.

Talk to Us About Your Audit

We make charity audits straightforward to make them as easy as possible for you and your team, with the minimum amount of disruption.

If you think you might need an audit, contact the team at Keith Graham and we'll be happy to help. You can call us on 01252 312561 or email us at info@keith-graham.co.uk.