As a charity trustee, do the words “revised auditing standards” make you yawn and stop reading – well don’t!
Two changes are now impacting financial year's ending on or after 31 December 2020 and they strengthen the need for auditors to seek out and retain sufficient evidence on how your charity is complying with law and regulations.
In practice, this means that auditors will want to know from senior executives and trustees how they are proactively managing the greatest risks to their charity and this is no tick box exercise. For more details please click on the below link.
there has been little requirement [for trustees] to proactively provide assurance of [legal and regulatory] compliance – and this is now where annually auditors will be required to probe and trustees will need good evidence to substantiate statements