Frequently asked questions
Find answers to our most common questions below.
Who can carry out an independent examination for our charity?
An independent examination can be carried out by any person with the requisite skills and experience who is independent of your charity’s management. For charities with income above £250,000, the examiner must be a member of a recognised accountancy body.
What is the difference between an independent examination and an audit?
An independent examination is a less detailed review of financial records compared to an audit. It provides a “negative assurance” that no evidence has been found of material discrepancies. An audit, on the other hand, is more thorough and provides a “positive assurance” that financial statements present a true and fair view.
How long does an independent examination take?
The time taken depends on the complexity and volume of transactions within your charity’s accounts. However, at CIES, we typically complete examinations within 31 days.
What are the benefits of having an independent examination?
Having an independent examination ensures your accounts comply with legal requirements and can help improve transparency and trust among your stakeholders. It can also provide valuable insights into your charity’s financial health.
