Singapore

Launch of Guide to Help Charities Achieve Cost-effective Audits

Cost-effective Audit for Charities, written by NPO Practice Industry Lead Woo E-Sah, was launched as part of a series that guides charities on best practices to help the sector enhance financial management and ensure greater accountability to stakeholders.

The guide covers key issues faced by charities, including how the choice of the financial year end will affect the audit cost and the importance of proper record-keeping and year-end adjustments to facilitate the audit process.

Supported by the Charity Council and Chartered Institute of Management Accountants, the Accounting and Finance Handbooks for Charities series also examines budgeting and cash flow management, fund accounting, full cost recovery, as well as reserves and investment for charities.

Its launch on 15 April 2019 was graced by Mr Desmond Lee, Minister for Social and Family Development and Dr Ang Hak Seng, Commissioner of Charities, and held in conjunction with two panel sessions.

The first session looked at trends and challenges in the charity sector and how it can transform for future readiness. E-Sah joined other experts from the accounting and charity sectors in the second session, which covered accounting and finance best practices for charities.

“I am grateful for the opportunity to contribute to this major publication, and hope that charities will find Cost-effective Audit for Charities a useful resource as they develop their capabilities to adapt to the changing needs of the community,” E-Sah said.

Digital copies of the series are available at the Charity Council website: https://www.charitycouncil.org.sg.