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Vote Clarification – Financial Audit Requirements

We have been contacted by a member asking for clarification on the vote about disapplying the requirements for a financial audit for next year’s accounts. In the interest of transparency, we want to share this with all members.

The law governing community benefit societies allows members to choose whether an audit or an Independent Examination of the society's accounts must be done each year. The Football Supporters’ Association (FSA) provides guidance on its website but maintains that it is a decision for each society’s members.

The FSA has told us that the cost of an audit of our accounts is likely to be in the region of £3,000-£4,000.

On its website, the FSA's advice on the comparisons between an audit and an Independent Examination (IE):

"In essence, an audit will assure members that the accounts are right, whilst an IE will confirm to members that there is no evidence to suggest the accounts are wrong.

The IE does amount to an Independent Review of the Trust Accounts and therefore goes some way to meeting the principle of openness by providing a level of comfort to Trust Members that the accounts presented at the AGM have been subject to an independent review.

Nevertheless, it is for the members of each individual Trust to decide whether the IE is sufficient as a form of scrutiny of their Society Board Members."

It is still our recommendation that members vote to disapply the financial audit requirements for next year’s accounts as the cost is too high to provide value for money for OASF and its members.

If you would like to change your vote on this matter, you can use the link in the original voting email to resubmit it.

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