Charity Audit Spotlight Report
Published: Wednesday 1 April 2015 - 14:00
Top UK charities spend £62m of charity income on audit fees
Charity Audit Spotlight is published by Charity Financials and examines the current state of the charity audit market for the top 5,000 UK charities. Use this valuable report to:
- Find out the cost of audits for the UK’s charity sector
- Discover that the top 5,000 charities paid out £61.8m in audit fees last year
- Identify which charities are paying out the most for their audits e.g. the Wellcome Trust and Nuffield Health are both spending £300k in audit fees
- See how the top 50 auditors rank in terms of fees generated e.g. Crowe Clark Whitehill LLP tops the table with £5.4m in fees from 250 charity clients
Interestingly, the report found that, of the 934 auditing firms, 55% have only one charity client. In fact, just 2% of auditing firms represent half of the top 5,000 UK charities. Baker Tilly holds the top spot for number of charity clients with 294 in total, a 5.9% market share.
Using historical data for the past 10 years, the report also shows that 18% of the top 5,000 UK charities have remained with the same auditor for at least a decade. However, a general trend is that charities appear to change auditor after four years.
“We hope that charity financial professionals will find this data useful when selecting a new auditor” said, Mark Pincher, Data & Development Manager, Charity Audit Spotlight.
ACEVO Members can download this report for free by completing this form.