As a trustee, sometimes it can feel like you are responsible for everything, but have visibility on very little. So taking the opportunity to talk to someone independent who has kicked the tyres on your financial statements and the systems and controls that underpin them can be really helpful. This is what should happen once a year when trustees or their audit committee meet their auditor to hear them discuss the audit and statutory accounts. How can you make the best of this conversation?
Here are our top 10 questions you could ask:
It’s also good practice for trustees to have some time with their auditor in a closed session without staff present. This tends to work best after the auditor has presented their findings in the full meeting. Other than asking if there is anything they want to discuss without the management team present, you might also want to ask:
Don’t be afraid to ask what’s on your mind, particularly if anything isn’t clear – we love a good conversation with our clients. And if you’re not getting this level of engagement and want to work with a firm that sees beyond the numbers to give you advice that goes to the heart of your charity, we’d love to hear from you.
For more information, contact your usual Wilkins Kennedy partner or firstname.lastname@example.org
As a trustee, sometimes it can feel like you are responsible for everything, but have visibility on very little.
Everyone has a charity close to their hearts. It can be for personal reasons, or, people can choose to support charities they believe have an extra special cause. Whatever the reason, charity funding is extremely important in keeping these organisations opening. But, as we found out at one of our recent Charities Seminars, this is easier said than done.
A public sector audit is one covering government, healthcare, education, charities and other public non-for-profit organisations.
New legislation has been released from the Charity Commission, which allows charitable companies and Community Interest Companies to convert to CIOs.
Following consultation which closed in February 2017, the Steering Group for the Charity Governance Code published the final version of the new Charity Governance Code on 13 July 2017. It outlines several recommendations including increasing the number of external reviews, which will occur every three years for larger charities.
Wilkins Kennedy’s Charity Seminars have become a popular feature in the annual calendar. Our aim is to bring together a number of not-for-profit organisations and charities and discuss with them any issues affecting their sector. With such a vast number of these organisations around the Surrey area, there was certainly a lot on the agenda at our most recent seminar, held at the Talbot Hotel in Ripley.