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Tendering Auditors

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Information about the charity for the tendering auditors should include:

*Name of the organisation

*Brief details of its history and current operations

*Organisation structure including governance

*Finance – enclose last two years’ audited accounts and summary information about the organisation including any future plans for growth or retention

*What sort of auditor the organisation is looking for – e.g. expertise in your particular area of charitable activity, other service such as VAT advice, attendance at trustee meetings etc

*Will you prepare draft accounts or just the books with an accurate bank reconciliation

A timetable of the charity’s audit year to include:

*Financial year-end – e.g. 2008/09

*When you expect draft accounts or books will be available for audit

*When signed off accounts are required from the auditors

*Approval by any sub committee (for example, audit) and trustees

*How often auditing services will be required;

Information about the auditing firm should include:

*Structure, size and capabilities relevant to your organisation

*The firm’s major / relevant charity clients

*Two references of charities audited that can be taken up as required

The firm’s staff:

*The partner and manager (senior) who will be assigned to the audit, including details of relevant experience and qualification

*The time which the partner and manager identified will devote to the audit

*How the firm will mange succession planning and staff continuity

Audit Approach

How the auditor will undertake the work

*Determine audit strategy and undertake audit planning

*Address matters of audit scope and materiality for example, whether they select small numbers of transactions for investigation in depth or do broader tests of accuracy, and whether they consider there to be critical levels of error warranting changes to the accounts

*Identify and respond to critical audit issues

*Control and co-ordinate the audit process

*Ensure appropriate responsibility for decisions on the audit

*Conduct the reporting arrangements

Fees – details of proposed fees for the next three years should include:

*Fee for the charity audit

*Fee for any pension fund, or subsidiary company (this is a company which is owned by a ‘parent’ company; the group has to combine their accounts together e.g. Age Concern)

*Fee for any additional work
In particular, the fee proposal should include an analysis of hours by grade of staff who will be involved on the audit, together with details of hourly charge-out rates

Accounting technician
Audit Manager / Supervisor
Senior Partner
Indicate the basis of charging expenses:

*The proposed billing schedule

*How will fees be set and agreed in future years

Process timetable

The document should include the tendering process which includes informing the tendering auditors of the timetable for submitting information, interviews and when the decision will be made.

Last updated: Mon, Mar 31 2008 - 04:03:11 PM

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