What is an audit exemption report?
An audit exemption report merely confirms that the co-operative or community benefit society in the year in question satisfied the conditions for exemption from an audit. The report can only be prepared by someone who is a registered auditor.
When do you need an audit exemption report?
An audit exemption report applies only to “registered societies” that were formerly called Friendly Societies or Industrial and Provident Societies. It also applies to those formed since the passing of the Co-operative and Community Benefit Societies Act 2014, which are known as Co-operative Societies or Community Benefit Societies. These are incorporated entities not governed by the Companies Act 2006 and not regulated by Companies House; instead they are regulated by the Financial Conduct Authority.
Registered societies need an audit exemption report if:
- They have passed a resolution at in general meeting to dispense with a full audit for the year in question, and
- They have income of greater than £90,000 in the previous financial year.
Slade & Cooper audit exemption reports
As registered auditors we are qualified to prepare audit exemption reports. Where we also prepare your accounts, there will be no extra cost for the preparation of the audit exemption report. See our pricing policy.