The Annual Report shows some interesting developments across the charity sector. Some headlines are:
- Almost three-quarters (73%) of registered charities declared full compliance with the Charities Governance Code.
- On the downside, only two out of every five charities filed an annual report to the CRA on time during 2022. All charities are legally required to file such a report within 10 months of their financial year-end. The contents of these reports are published on the Register of Charities and provide essential information to help inform donors and the general public.
- 41% of registered charities are legally formed as companies, followed by schools representing 32% of registered charities.
- Nearly one in five registered charities had annual income in 2022 of less than €10,000.
Auditors of charities that have accounting years ended 31 December 2022 and later will need, in additional to the normal audit tests, to also assess the charity’s IT controls.
For an easy to implement additional (two page) IT Controls Questionnaire to help document the above process, please click on this link to download immediately for only €60 + VAT.
Please go to our website to see our:
- Anti-Money Laundering Policies Controls & Procedures Manual (March 2022) – View the Table of Contents click here.
- AML webinar (March 2022) available here, which accompanies the AML Manual. It explains the current legal AML reporting position for accountancy firms and includes a quiz. Upon completion, you receive a CPD Certificate of attendance in your inbox.
- letters of engagement and similar templates. Please visit our site here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items if bought together.
- ISQM TOOLKIT or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard, please contact John McCarthy FCA by e-mail at firstname.lastname@example.org.