Audits for clubs and societies

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Poodle
Poodle Registered Posts: 711 Epic contributor 🐘
in General accounting discussion
Hi

I have been approached by an organisation to take on the production of FS for submission to CH. No problem with that however they would like to come to me from a CA.

I have not yet taken the appointment and I do not want to lead them up the garden path or get myself into problems later.

The problem that I have is that the CA has always produced audited accounts and my MiP obviously does not cover this. I have highlighted this fact to the 'potental' client but he has come back with the question ' so why do we have to produce them' and basically I just cannot remember.

I know what the audit exemption thresholds are for Ltd Co.s but am I correct in saying that with a club or society then an audit is not required if they fall below the thresholds as well. One would only be required if the constitution/members tates that and audit has to be carried out?

I presume that if a club/society wishes to, then they could change this requirement.

I have searced on the web but I have not been able to find anything of much use

Poodle

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  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    Are they registered as an industrial provident society? If so FSA rules state that even if they vote not to have an audit the only accounts acceptable are those signed by a registered auditor (even though they're not audited) not even an accountants report by chartered accountant is acceptable To my knowledge they cannot override that even by resolution.
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Bluewednesday wrote: »
    Are they registered as an industrial provident society? QUOTE]

    Not sure so I will ask but if they ar not then am I correct with the requirement being member driven as opposed to legislation?

    Poodle

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