Charity Commission: Reporting on matters of material significance

4th June 2020

The Charity Commission released updated guidelines in April 2020 for auditors and independent examiners. This was based around the statutory duty to report to the charity regulators in the UK on matters of material significance.

 

The three main changes in this updated guidance are as follows:

  • confirmation that difficulties in carrying out an audit or independent examination that are solely due to a national emergency need not be reported
  • amendment to the guidance on the timing of reporting to reflect the different circumstances when a report should be made
  • clarification that the guidance only applies to internal audit engagements in very limited circumstances

 

For the full guidance, please see the link below:

https://www.gov.uk/government/publications/guidance-for-auditors-and-independent-examiners-of-charities



 
Other items in Blogs
 
Jodie Pheby
22nd July 2021 Accounts Basis Period Reform – Consultation

Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…

Read More »

Nick Edgley
15th July 2021 31st July: Can your tax payment be reduced?

Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…

Read More »

Ian Piper
6th July 2021 30-Sep-21: End of most COVID support measures for SME’s

When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help businesses survive the expected period of financial strain. Such businesses, that are still here, should now be planning ahead for when this support is gradually unwound: 21-Jun-21 Deadline for arranging with HMRC when to…

Read More »

Megan Turner
5th July 2021 Charity annual returns

The charity annual return service is now available for 2021 and can be found on the link below. https://apps.charitycommission.gov.uk/   Charities need to submit their annual return within 10 months of the financial year end.   Dependant on the level of income, the annual return has different requirements; Income under £10,000 It is only the…

Read More »

Bethan Hassey
1st July 2021 Changes to the reduced rate of VAT for hospitality, holiday accommodation and attractions

  In July 2020 the government announced that VAT registered business who operate in the hospitality and tourism industry could use a temporary 5% reduced rate of VAT on certain supplies compared to the standard 20%. The objective of this legislation was to support businesses in this sector during the Coronavirus pandemic and assist with…

Read More »

Thomas Nicholls
15th June 2021 Tax on Cryptocurrency does not have to be cryptic

Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion.   This has led to the creation of the Cryptoassets Taskforce which was announced back…

Read More »