UK’s Charities Regulator Criticises Quality of Financial Statements


The audit of charities and charitable organisations poses high risk for auditors and it’s notable that related party transactions, revenue recognition and expenses are areas of high risk. We would advise members to be mindful of independence requirements and to exercise professional scepticism on such engagements. Accountancy Age recently reported on the U.K.’s Charity Regulator analysis of charity accounts, to read this article please click here.