Societies and Community Interest Companies Manual
Our Societies and Community Interest Companies Manual provides you with supplementary current and permanent file programmes that consider the specialist aspects of Registered (previously 'Industrial and Provident'), Co-operative, Community Benefit or Friendly Society* assignments, as well as Community Interest Companies (CICs).
Reporting accountant assignments are covered by the manual. For audit assignments, this manual is designed to be used in conjunction with another appropriate 'true and fair' audit manual depending on the activities of the society, or, for CICS, your limited companies audit manual.
The manual includes:
- accounts disclosure checklists for societies in accordance with legal, including the Co-operative and Community Benefit Societies Act 2014, and Financial Conduct Authority requirements
- guidance notes that summarise the current legal accounting, auditing and reporting requirements for societies and CICs.
*Please note that this manual does not cover Credit Unions, nor Friendly Societies subject to the audit and accounts requirements of the Friendly Societies Act 1992.
For societies that are Clubs or Registered Social Housing Providers, our Clubs and Registered Social Housing Providers Manuals should be used.
Our Societies and CICs Manual can be browsed online or sections of content or commentary can be downloaded in Microsoft word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
- Guidance notes that provide you with essential background knowledge on the registered (previously 'industrial and provident') co-operative, community benefit and friendly societies sector. These cover the key aspects of the accounting, reporting and Financial Conduct Authority registration requirements for societies registered under the Co-operative and Community Benefit Societies Act 2014 (CCBSA14) or registered under, and subject to the audit and accounts requirements of, the Friendly Societies Act 1974. The guidance notes also cover the additional specialist aspects and key features of Community Interest Companies (CICs).
- Example engagement letters for societies for audit, reporting accountant and totally exempt assignments.
- Example auditor's and reporting accountant's reports for societies registered under the CCBSA14 or registered under, and subject to the audit and accounts requirements of, the Friendly Societies Act 1974.
- Accounts disclosure checklists for societies that cover the requirements of the CCBSA14 or the Friendly Societies Act 1974 and a separate accounts disclosure checklist for FRS 102 Section 1A. For CICs there is a disclosure checklist for form CIC34 - the CIC report.
- Supplementary permanent file documentation to help ensure that permanent files contain adequate additional specialist information.
- Supplementary current file documentation to help ensure that current files consider the additional specialist legal requirements relating to the CCBSA14, the Friendly Societies Act 1974 and for CICs. The supplementary planning, completion and work programme included must be used in accordance with with another appropriate 'true and fair' audit manual depending on the activities of the society, or, for CICS, your limited companies 'true and fair' audit manual. Planning, completion and a work programme for a reporting accountant's assignment is also included for societies and supplementary non-audit documentation is included for CICs.
December 2023
The principal technical changes in this update include the restructuring of the guidance notes.
March 2023
The principal technical changes in this update relate to updating the engagement letters to reflect latest guidance.
May 2022
This update principally incorporated:
- Consequential amendments as a result of revisions to ISA 240 and Isa 315.
- Updating documentation for minor changes to accounting standards.
- Best practice amendments.
May 2021
This update to the manual principally incorporates:
- Reporting on irregularities, including fraud - following the ICAEW publication of 'How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time' in April 2021 and the comment that 'how the auditor developed their explanation, and the areas considered, would be expected to be documented in the audit file', we have updated wording in the audit reports in the Example reports section.
January 2021
This update principally incorporated:
- ISA (UK) 570 (Revised September 2019) – Going Concern - In September 2019, the FRC issued a revised version of ISA (UK) 570 on Going Concern, which is effective for audits of financial statements commencing on or after 15 December 2019, although early adoption is permitted.
- ISA (UK) 700 (Revised November 2019 – Updated January 2020) - Forming an opinion and reporting on financial statements - In January 2020, the FRC issued an updated version on Forming an opinion and reporting on financial statements, which is effective for audits of financial statements commencing on or after 15 December 2019, although early adoption is permitted. Accordingly, the audit report has been updated to reflect this revision.
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