Funding news

New law set to increase scrutiny - Wednesday 14 June 2006

Up to 4,000 charitable companies could face extra accounting scrutiny if plans included in the Company Law Reform Bill go ahead.

The plans are designed to standardise the accounting scrutiny system for incorporated and unincorporated charities by bringing charitable companies under charity rather than company law.

Under the rules as they currently stand, unincorporated charities with annual incomes of between £10,000 and £250,000 must undergo an independent examination, which does not have to be performed by a qualified practising accountant. Charitable companies, meanwhile, need a reporting accountant's report if their gross income is greater than £90,000. Both need an audit report if they have an annual income above £250,000.
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