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ICAEW Audit insights: charities – positive impacts in challenging times

The ICAEW have issued an audit insight relating to Charities. There is a general expectation gap between what charities do, how they do it and what the public think they do and how any charity should be managed.

Charities need to show how and what they have a positive impact on and be open and honest. As well as this they need to be financially sustainable.

The insight suggests four areas of focus and how to achieve these:

1. Demonstrate impact, transparency and accountability

  • Be transparent and accountable
  • Identify the difference charity work has made

2.Invest in leadership and infrastructure to retain public trust

  • Provide more effective leadership
  • Address skill gaps and diversity
  • Invest in vital operational areas

3.Be resilient and ensure financial stability

  • Be change ready
  • Manage risk effectively
  • Develop a robust reserves policy

4.Maximise charity resources

  • Be more selective in accepting contracts
  • Reconsider operating models

The full insight can be found at:Positive impacts in challenging times | Audit Insights | Audit and Assurance | ICAEW 

 

 

Date: 7th July, 2017
Author: Wendy Bambrick

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