Statutory accounts externally audited/examined with clean outcome and filed on time (all applicable regulators)
This criterion evaluates whether statutory accounts receive a clean external scrutiny outcome and are filed on time with all relevant regulators (e.g., Charity Commission, OSCR, CCNI, Companies House). For audit, this means an unmodified (unqualified) opinion with no emphasis-of-matter indicating material uncertainty. For independent examination, this means an examiner’s report with no adverse conclusions and no matters of material significance reported to the regulator.
| Metric | External scrutiny outcome and statutory filing timeliness (multi-regulator) |
|---|---|
| Target | (a) 100% (b) 100% (c) Meet all leading KPI targets. |
| Frequency | Quarterly for timetable/leading KPIs; annual for outcomes. |
| Method | (a) % of entities/years with clean outcome (unqualified audit / no matters of material significance). (b) % of filings on/before deadline per regulator. (c) Leading KPIs: Days from YE to draft accounts ≤60; Days from YE to clearance ≤120; Days from clearance to approval ≤21; Buffer days to deadline ≥30. |
| Unit | Percentage and days. |
Level 1: Initial/Ad-hoc
Records ad hoc; no external scrutiny; filings missed or not made; potential regulator default/penalties.
Level 2: Developing
Statements prepared; scrutiny inconsistent; at least one qualification or multiple late filings within last 3 years.
Level 3: Established
Unqualified/no reportable matters; on-time in most years with up to one late filing in last 3 years; minor, non-repeat findings.
Level 4: Advanced
Unqualified/no reportable matters and 100% on-time across all regulators for last 3 years.
Level 5: Optimizing
As Level 4 plus filed ≥30 days early on average over last 3 years, zero repeat findings, and proactive public transparency (publish within 30 days: plain-English summary, reserves/going concern summary, income chart, recommendations summary).
Organisation Types
By Organisation Size
| Size | Applicability | Notes |
|---|---|---|
| Micro | exempt | No statutory requirement for external scrutiny or SORP FRS 102 accounts below £25k income. |
| Small | partial | Independent examination only required if income exceeds £25k; receipts and payments accounts generally permitted instead of full SORP FRS 102. |
| Medium | full | |
| Large | full | |
| Major | full |
Applicable When
- Organization is legally constituted
- Organization manages finances
- Organization is required to submit financial reports to regulatory authorities
Not Applicable When
- None — if below the audit threshold, the criterion applies using independent examination as the external scrutiny.
- The organization has been in operation for less than one full financial year and has not yet reached its first statutory filing deadline.
- The organization is a non-autonomous branch or project whose financial reporting and audit are fully consolidated into a parent entity's statutory accounts.
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📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json
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