Independent Examination update
Effective independent examination of charities requires a thorough understanding of the accounting, regulatory and compliance environments in which charities operate.
This event will provide professionals engaged in charity independent examinations with an introduction to the knowledge of charity accounting, independent examination requirements and guidance on how to conduct effective independent examinations. Areas covered:
1. Charity Reporting and principles of charity accounting:
- Types of accounts: receipts/payments or accruals
- Charities Statement of Recommended Practice (FRS 102)
- Annual Report and Accounts: Trustees Annual Report, Statement of Financial Activities and Balance Sheet
- Key concepts in charity accounting including resources, fund accounting, reserves and other balance sheet peculiarities.
2. Roles and Responsibilities of an independent examiner:
- What is an independent examination and how does it differ from an audit
- Who can act as an independent examiner
- Charity’s eligibility for an independent examination
- Statutory duty to report matters of Material Significance and whistleblowing to the regulator
- Professional obligations
3. Performing an independent examination:
- Planning the engagement
- Work programme, records and working papers
- Matters to consider during the course of the examination
- Requirements of the Examiner’s Report
- Common errors and mistakes made in independent examinations engagements
Alison Cook FCA (Director AJC Accountancy)
Alison qualified as a chartered accountant with a Big Four firm and then worked in investment banking for 12 years. She is an Affiliate member of the Association of Charity Independent Examiners and a Trustee of the ACIE Board. Her accountancy firm is based in Luton.