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TS-FS-06 Trust & Stewardship Financial Stewardship CORE Compliance v2.9.7

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.

Compliance 6
  • Annual accounts prepared according to relevant accounting standards
    Compliance Essential
  • External audit/examination completed with a clean outcome
    Performance Essential
  • Timely submission to regulatory authorities
    Compliance Essential
  • Board review and approval of accounts before submission
    Governance Essential
  • Annual external scrutiny threshold assessment documented
    Governance Essential
  • Going concern paper with scenarios and covenant checks
    Risk Management Essential
Basic 1
  • Preparation timeline with clear milestones and responsibilities
    Leadership High
Good 6
  • Proper documentation of the audit/examination process
    Documentation Important
  • Prompt addressing of any audit/exam recommendations
    Process Important
  • Pre-audit review by finance committee
    Leadership High
  • Early engagement with auditors
    Collaboration High
  • Documented responses to all audit recommendations
    Continuous Improvement High
  • Publication of accounts on the organization's website
    Transparency Medium
Better 7
  • Year-round preparation rather than last-minute compilation
    Continuous Improvement High
  • Monthly close with reconciliations and year-end readiness checks
    Process High
  • Interim audit/examination to clear issues early
    Risk Management High
  • Auditor tender/market test every 5-7 years with independence safeguards
    Governance High
  • Group consolidation and component auditor coordination plan (if applicable)
    Process High
  • Formal going concern paper linked to cashflow and reserves policy (CC19)
    Risk Management High
  • Post-audit lessons-learned and control improvements embedded in the finance calendar
    Continuous Improvement High
Best 1
  • PBC tracker with owners and due dates; daily stand-ups during close
    Process High

Related Criteria

TS-FS-01 Trustees review management accounts TS-FS-02 Banking, procurement & AML controls TS-FS-03 Robust accounting system TS-FS-04 Segregate and control Zakat vs Sadaqah (ledgers, banking, donor intent) TS-FS-05 Fundraising costs fairly reported
Version
2.9.7 2025-11-05

Discussion (1)

Administrator 2026-03-07 11:07:47.913707

📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json

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