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  • Calls for urgent charity audit threshold review

    Created: 30/08/2023
    News/Events Category: General News
    This item will show under the following categories: Health and Social Care  

    Calls for a more detailed review of charity law have been made despite Charities Act 2023 recently gaining royal assent.

    The Institute of Chartered Accountants of Scotland (ICAS) argues that the Scottish charity law audit threshold should be reassessed and the independent examination regime for Scottish charities to be strengthened as Scottish charities have significantly lower audit threshold than companies. 

    The call comes in an open letter addressed to social justice secretary Shirley-Anne Somerville. The letter outlines that the last uplift in the company law audit threshold took place in 2016, but regulatory changes to the audit environment have led to a rise in demand for audit skills in a tight labour market and an increase in audit fees. 

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