The Audit of Charities

Overview

The Charities (Amendment) Act 2024 (‘2024 Act’) was passed into law in July 2024 and will be a game changer in Irish charity law, especially as it impacts on charity financial reporting and audit.  

At the time of writing (mid-August 2024), it still awaits a statutory instrument to commence it. 

The 2024 Act does not replace the Charities Act 2009, but it makes a wide-ranging set of amendments, insertions and repeals of the 2009 Act.  

 Many sections of the 2009 Act are affected by changes in the 2024 Act. These range from registration of new charities to the wind up of charities and other matters that can affect charities during their lifetime.

Key topics that will be covered in the webinar will be: 

• Financial reporting amendments coming in 2024
• Requirements for the audit of Charities with gross income of €500k or more.
• Requirements for Charities that are not companies with gross income or expenditure not exceeding €250,000.
• Requirements for Charities that are companies but are below the €500k threshold and may have an independent examination.

• Charities that are smaller than the above criteria and will be exempt from an independent examination under certain conditions.
• Mandatory notifications to the Charities Regulator
• Duties of charity trustees
• Charity financial reporting tips
• Charity audit traps and pitfalls
• Focus on fraud risks and ISA 240
• The basic of audit planning, execution and completion
• Focus on the implementation of ISA 315 (Risks of Material Misstatements) in a charity audit