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ICAEW and Charity Commission Pilot

ICAEW and Charity Commission Pilot. Findings NICK BROOKS. Project outline. Review of financial controls and risk awareness 25 volunteer charities matched to 25 ICAEW members Reports reviewed by Anne Davis, Head of Charities at ICAEW and myself, as Chair of the Reviewers Panel

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ICAEW and Charity Commission Pilot

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  1. ICAEW and Charity Commission Pilot Findings NICK BROOKS

  2. Project outline • Review of financial controls and risk awareness • 25 volunteer charities matched to 25 ICAEW members • Reports reviewed by Anne Davis, Head of Charities at ICAEW and myself, as Chair of the Reviewers Panel • Reviewers panel • Final report

  3. This was established between the Commission and the ICAEW and covered five governance topics: Strategy and planning Overview of risk awareness and management Internal financial controls Fraud and financial abuse management Information and communication (focusing on internal financial reporting) Content of review

  4. Content of review • Reviewers were also asked to include a general awareness discussion on key priorities and challenges found by the reviewed charities. • Finally, reviewers were asked to rate the performance of the charities in the five topic areas into three categories, generally strong, some gaps or significant gaps.

  5. Topic areas Strategy and planning • 56% strong controls • 36% some gaps • 8% significant gaps

  6. Topic areas Overview of risk awareness and management • 32% strong controls • 56% some gaps • 12% significant gaps

  7. Topic areas Internal financial controls • 40% strong controls • 48% some gaps • 12% significant gaps

  8. Topic areas Fraud and financial abuse management • 28% strong controls • 56% some gaps • 16% significant gaps

  9. Topic areas Information and communication • 52% strong controls • 36% some gaps • 12% significant gaps

  10. General themes • Funding • real concerns • Governance • difficulty in attracting trustees and volunteers • lack of financial understanding • Fraud prevention policies • generally weak • Advice and guidance • too much volume • not proportionate to size

  11. Way forward • Develop a culture of mergers, collaborations and shared services • Need to encourage more to volunteer as trustees • More streamline approach to guidance

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