What is an Independent Examination?
An Independent Examination, often referred to as an IE is an alternative to a full audit for small charities and voluntary groups. Its a legally recognised form of scutiny of your accounts by an independent appropriately qualified person.
A major part of the work undertaken by an IE usually consists of putting the accounts into a correct and acceptable format. (We also highlight good practice and recommendations for system improvements).
Why have an Independent Examination?
Usually its a legal requirement to have your accounts externally examined, and funders will often require this to have happened before they support you. Because of the best practice elements followed by our sector to ensure transparency, and the protection of Trustees and Management Committee Members, it is always a sensible action to follow, regardless of your size of operation.
Why not just have the accounts audited?
The answer here is the cost – the detailed work legally required to be undertaken by auditors is time consuming and costly. If your organisation is a size which requires an audit by law, then there is no choice. (This is defined by financial turnover).
What are the benefits of an IE?
There is less work required, when compared to an audit – this leaves you with a smaller cost and more time to concentrate on your operational activity and less on having your accounts checked.
Does CVS provide this type of service in house?
Yes it is carried out by our qualified, experienced staff in a friendly and helpful manner. As a registered Charity our charges are quite low compared to many others providing this service. We believe we offer a unique insight into the issues facing voluntary groups, and as we are accountable to our members – which could be you, we will always go that extra mile for you!
If you would like more information, or just a friendly chat about your requirements – just give us a call on 01604 627128
or email us at [email protected]
Alternatively you can download a fuller description of the service by clicking on the link below.