Charity audit threshold increases

For financial years ending 31 March 2015, charities will only be required to have an audit by law if:

Income is above £1 million, or

Assets are more than £3.26m and income is more than £500,000

The charity is registered with OSCR, as their rules have not changed

Charity trustees should check their governing document and the conditions of any funding to see if an audit is still required. In addition, some trustees may prefer to retain the audit to provide them with sufficient assurance. If a charity opts out of audit, then it needs an independent examination. If income is above £250,000, then the independent examination must be undertaken by a qualified accountant.