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ICAEW response to Charity Commission report

Thursday 22 February 2018, Commenting on a report from the Charity Commission on the reporting of matters of material significance by auditors in the Charity sector, Gillian McKay, ICAEW Head of Charity and Voluntary sector, said:

“Charities play a significant role in the fabric of our national life but can only do so if they have the trust and confidence of the communities they serve. The vast number of charities demonstrate good practice and have a positive impact in the areas they operate.

“Financial transparency is an essential component to maintaining trust and audits help provide this. They also help charities in cutting through some of the complexity often present in annual reports and financial statements. Although auditors have worked hard to deliver the value that better reporting brings, there is still room for improvement. ICAEW works closely with the Commission and we expect our members to maintain high standards in professional practice and to ensure their skills are suitable for the work they undertake.

“We hold regular technical updates, webinars and events through the ICAEW Charity and Voluntary Sector Community. These events contain essential updates in the field of charity audit, accounting and taxation and we urge our members to engage with the Community to ensure that they are up to date with the latest regulations.”

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Please direct all media inquiries related to this article to:

Caroline Florence - ICAEW press office
Tel: +44 (0) 207 920 8564
Email: Caroline.florence@icaew.com