CHARITY ACCOUNTS AND REPORTS
GLOSSARY TO THE OG 15 SERIES
OG 15 G1 - 14 March 2012
Index to further related information
1. high quality corporate reporting;
2. high quality auditing;
3. high quality actuarial practice;
4. high standards of corporate governance;
5. the integrity, competence and transparency of the accountancy and actuarial professions; and
6. its effectiveness as a unified independent regulator.
1. the Accounting Standards Board;
2. the Auditing Practices Board;
3. e Board for Actuarial Standards;
4. the Professional Oversight Board;
5. the Financial Reporting Review Panel; and
6. the Accountancy Investigation and discipline board.
A summary of the income and expenditure incurred for a financial year, showing revenue transactions only.
See audit threshold
International Auditing standards are drawn up by the International Audit and Assurance Standards Board (IAASB). UK auditors have had to carry out their work in compliance with International Auditing Standards (UK and Ireland) issued by the APB since 2005.
Materiality is the final test of what information should be given in a particular set of accounts. An item of information is material to the accounts if its misstatement or omission might reasonably be expected to influence the economic decisions of users of those accounts, including their assessments of stewardship.
The Companies Act 2006, section 465, establishes the thresholds which define what a medium-sized company is. Medium-sized charitable companies established under company law in common with all medium companies must provide additional information in their Directors' Report and are subject to audit under the Companies Act.
Refers to Part 8 of the Charities Act which sets out the accounting, reporting and external scrutiny requirements for charities which are subject to the Charities Act.
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