Charities & IPCs Audit
Charities and Institutions of a Public Character (IPCs) have to abide by the Charities Act. The complete set of legislations governing charities is listed as follows:
- Charities Act
- Charities (Accounts and Annual Report) Regulations
- Charities (Fees) Regulations
- Charities (Fund-Raising Appeals for Local and Foreign Charitable Purposes) Regulations 2012
- Charities (Large Charities) Regulations
- Charities (Registration of Charities) Regulations
- Charities (Institutions of A Public Character) Regulations
As part of the Annual Report, charities and IPCs are also required to prepare a statement of accounts in accordance to the regulations:
For Accounts with Financial Year ending before 1st March 2011
- The accounts of all IPCs have to be externally audited.
- Charities which are companies limited by guarantee have to be audited based on the requirements under the Companies Act.
- For the other charities, those with annual income or expenditure exceeding $250k are subject to external audit.
For Accounts with Financial Year ending on or after 1st March 2011
- The accounts of all IPCs will continue to have to be externally audited.
- Charities which are companies limited by guarantee will continue to be audited based on the requirements under the Companies Act.
|Gross income or total expenditure||Requirements|
|$250k or less||Accounts can be examined by an *independent person (also known as the independent examiner) whom the governing board members believe have the relevant ability and practical experience.|
|Between $250k and $500k||Accounts can be examined by an independent person who is a member of the Institute of Singapore Chartered Accountants (formerly known as the Institute of Certified Public Accountants of Singapore), or who possesses the necessary qualifications to be a member of the Institute of Singapore Chartered Accountants.|
|Above $500k||Accounts have to be externally audited by a public accountant.|
All charities which are required to have their financial statements audited under the Charities (Accounts and Annual Report) Regulations are required to comply with either the Financial Reporting Standards (FRS) or the Charities Accounting Standard (CAS). However, those charities that hold significant investments in any subsidiary, associate or joint venture that is not a charity, are required to comply with FRS.
Source: Charity Council
This page was last updated on 24th August, 2015.