ISC response to consultation on Charities Act 2006: Charities Accounts and Reports
14 September 2007
The Office of the Third Sector and the Charity Commission consulted charities on changes to the audit, accounting and reporting rules for charities.
The consultation covered several key changes to regulations which are required to implement the provisions of the Charities Act 2006 and the Companies Act 2006.
The changes will be made by an Order under the Charities Act, and by updating the Charities (Accounts and Reports) Regulations 2005.
Key changes will include:
- applying charity law audit and independent examination arrangements to small charitable companies
- a framework for the preparation and audit of group accounts under the Charities Act
- clearer whistle-blowing duties and protection for auditors and examiners
- reporting public benefit through the trustees' annual report
- updated account requirements for investment fund charities
Details of the proposed changes are outlined in the consultation paper. It is proposed that the changes would take effect in the first quarter of 2008.
Third Sector / Charity Commission consultation
ISC response:
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