Question

All, 

Our organisation has now the option to be Audit exempt.

However, for transparency and public perception we consider that we need to be audited on a yearly basis. 

We are a very small organisation and we are looking for reasonable fees.

Any help or advice on this matter would be very appreciated

Comments

paul.meade's picture

Thanks for your question. I

Thanks for your question. 

I consulted The Wheel's Director of Finance, Tony Ward, on your question here and he mentioned that it is hard to make a specific recommendation on an auditor, as they all vary in the prices and services they provide, and we are not really in a position to make a recommendation.

He did, however, offer the following general points to keep in mind as you move forward:

The option of being audit exempt for charities who are also registered companies was introduced by the Companies Act 2014 (most charities are companies limited by guarantee) but we would strongly recommend that charities do not avail of this potential exemption on the following grounds:

1. Public perception as you already outlined

2. Up to 2015 an audit was required anyway so most companies would already have been doing it until then

3. When as anticipated in 2018 or 2019, the Charities Regulator introduces financial reporting for charities, many charities will be required to have an audit

4. Funders may require an audit in any case.

In terms of cost – there is a big range of costs and depends on individual complexity of each situation but something in the range of €2k - €3k would seem the norm, lower for smaller less complex organisations.

I hope that helps somewhat!

Paul Meade
Information Coordinator, The Wheel