Audit threshold to rise from 31st March

Plans to double the audit threshold for charities, from a half million to one million pounds, are to go ahead. Following consultation, the government has decided to bring forward the ‘live’ date to 31st March 2015, so charities whose accounting years end on or after that date can benefit immediately.

It is estimated that some 4,000 charities will become exempt from audit requirements. Note that this change does not apply to Scotland and Northern Ireland.

Official announcement, including link to the full government consultation response, at https://www.gov.uk/government/consultations/charities-audit-and-independent-examination.

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