CIC Association

Serving Community Enterprise

Hi Everyone, I need help/info. I am coming up to my first year end accounts and realise I dont know what is needed for CIC accounts. Do they need to be audited? etc etc Could someone clue me in to what I need to be doing please, rather than spend a fortune on finding out this info.

Many thanks

Sue Westbrook

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Comment by Heidi Fisher on September 21, 2010 at 15:17
Hi Sue
Unless you have several million pounds of income then you are not going to need an audit. The other common situation where an audit is required is if you have received funding that requires audited accounts. You would need to prepare accounts that meet the requirements of Companies House - most organisations that are small file abbreviated accounts, and also complete a CIC34 Report stating what you have done during the year, the impact of this and any consultation you have undertaken. If you need helping preparing the accounts I am happy to help with this as I have an accountancy CIC.

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