If a charity is required to have an audit carried out due
to the level of incoming resources or expenditure, but then
is below the threshold in the following years, is an audit
still required?
Answer Posted / guest
Yes. The Charities Act 1993 requires an audit to be carried
out if the charity?s gross income or total expenditure
exceeds ?250,000 in either:
(a) The relevant year or
(b) The financial year immediately preceding the relevant
year or
The financial year immediately preceding the year specified
in paragraph (b) above.
Therefore, once an audit is required, there is a further
requirement for an audit to be carried out for the
following two years.
Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
Explain the importance of internal audit to the organization?
while calculating drawing power for the purpose of cc limit ,while deducting creditors from stock whether to consider debit balance of creditors ,in total of creditors' credit balance ?
What is audit trail in siebel?
What is non statutory audit?
Whether Advance against property to be included in Loans & Advances while referring to section 185 & 186 of Companies Act, 2013?
whta is the current SBAR? Please provide the past rates from 1st january 2011 to till date.
What Is Social Audit?
What does an internal audit charter contain?
How do you feel u contributed to its effectiveness?
who is the auditor and his deautis
what is the accounting treatment on Putoption over own shares.?
What do you know about KPMG?
What is statutory audit?
what audit procedure i can do in the share capital account of a company and why it have been apply?
Explain the difference between internal audit and external audit?