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Matters of Material Significance guidance updated

14 Apr 2020

UK Regulators have updated their joint guidance on Matters of Material Significance reportable to UK charity regulators.

Any person appointed as an independent examiner or auditor for a charity has a duty to report matters of material significance to their respective charity regulator. The guidance explains what the matters of material significance are and provides some further explanation of each of the matters. It has been jointly published by the Scottish Charity Regulator (OSCR), the Charity Commission for England and Wales (CCEW) and the Charity Commission for Northern Ireland (CCNI).

This latest update:

  • clarifies the timing of when to report
  • sets out considerations where non audit work is undertaken by the external auditor
  • more clearly links reporting to materiality in the context of the financial statements (accounts), and
  • deals with the requirement to report when the charity trustees have already reported the matter(s).

You can access ‘Matters of Material Significance reportable to UK charity regulators’ here.