The Financial Reporting Council has issued a revised version of Practice Note 11, setting out changes to how UK charities are audited.
The changes take effect immediately, so charities with a December year end will need to ensure they are compliant.
The revisions to Practice Note 11 reflect:
- Revisions to International Standards on Auditing (UK) (ISAs (UK))
- Changes to UK accounting standards (FRS 102) and the revision of the Charities SORP
- Continuing developments in regulation and guidance issued by the UK Charity Regulators
- Changes in relevant legislation
Speaking to Civil Society News, Don Bawtree, head of not for profit at BDO, said that although Practice Note 11 is primarily for auditors, “there are some important bits trustees should be aware of”.
He added that while it contains “nothing dramatic”, it reflects "yet more of the attempts to make regulation work better after the collapse of Kids Company”