Our audit and assurance services provide confidence to management, trustees, and funders regarding your organisation's finances. The annual audit is not just a review of the numbers in your financial statements but a holistic view of the organisation's financial processes and the presentation of the annual report.
For smaller charities that qualify, the independent examination is a cost-effective, higher-level review of your charity's financial statements.
In both cases, we can also support you with the preparation of the annual report and financial statements.
Four benefits of Armstrong Watson’s assurance services for charities:
Funding
Many funders consider the level of assurance given in an audit or independent examination opinion when deciding whether to donate or provide grant funding to a charitable organisation. The question, "Was your last audit report unqualified?" is often found on the funder's pre-selection checklist. Armstrong Watson will support you throughout the year to ensure that the assurance opinion given at the end of the year is unqualified.
A Good Quality Annual Report
Funders frequently study the annual report before making a funding decision. Armstrong Watson will help you with the Trustee Annual Report and Financial Statements Disclosures, reducing the risk of omitting important information. This reassures funders about the efficient and transparent use of their investments and enhances the charity's reputation.
Peace of Mind
We help trustees properly understand the finances of the organisation and assist with going concern disclosures and the organisation's reserves policy, as well as articulating the underlying performance. We also provide support around financial processes to make them more robust or efficient. For trustees who are volunteers and rarely operate full-time within an organisation, this exercise helps them carry out their responsibilities for oversight of the charity. It provides comfort that the organisation is well-run.
Our audit management letter offers advice on financial controls and processes and any improvements that can be made. It may comment on compliance with laws and regulations applicable to the organisation. It also provides trustees with a view of the judgmental areas of the annual financial statements and whether management's view in these areas is appropriate and defensible. While the audit or independent examination isn't - and shouldn't be - the only tool trustees use for reassurance, it is an important part of their armoury in protecting themselves against personal and reputational risk.
Accountability
The scrutiny provided by our audits and independent examinations is crucial in promoting accountability within an organisation. Knowing that documents and judgements will be subject to scrutiny once a year fosters a culture where the rationale for decisions and transactions is properly documented. This further helps achieve transparency and accountability within charitable organisations, essential for maintaining stakeholder trust.
If you would like more information about how an audit could be valuable to your organisation, please get in touch. Call 0808 144 5575 or email help@armstrongwatson.co.uk
