A charity audit identifies any potential threats to your organisation by providing a recorded assessment. Your charity’s goals and accomplishments are best communicated to the public via the use of financial statements.
The benefits of having a charity audit include:
- allowing you to have confidence in decisions
- creates transparency so stakeholders and doners trust you
- allows you to improve you system by seeing issues within your charity
Charities are required to be audited if they have an annual income above £1 million (or with an income over £250,000 and assets above £3.26 million). It should be noted that charities with an annual income above £25,000 are required to have either an independent examination of accounts or an audit.
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