ACCA Calls for Higher Charity Audit Threshold in Scotland – Scottish Business News

ACCA Strategic Engagement Lead for Scotland, Susan Love, said: “While the public rightly expects high standards of governance and transparency, we have an opportunity to relieve some cost pressure from those charities currently subject to the rigour of the audit process.  

“While these charities would still be subject to external scrutiny of their accounts via the Independent  Examination process, a larger pool of professionally qualified accountants can provide this service in comparison to an audit, where processes can take a lengthy period of time and specialist talent is  required.  

“Better and more up-to-date regulations will not only ease the burden on small grassroots charities, but it will ensure that their hard-earned fundraising will continue to go to the causes that need it most, freeing up time and money for charities to do their incredible work.”

Kirsten Hogg, Head of Policy and Research at SCVO (Scottish Council for Voluntary Organisations) said: “Over the last few years we have increasingly heard from charities facing difficulty in accessing audit, due to a combination of rising costs and a decrease in firms offering charity audit services.

“At a time when charities are facing considerable financial challenges, and a lack of resources sees staff and volunteers under considerable pressure, these difficulties present a significant challenge.

“We welcome ACCA’s support for a review to better understand these issues, and to develop sensible solutions that work for both charities and the accountancy industry, while ensuring that charities continue to meet appropriately high standards of governance and regulation.”