Going concern and financial sustainability – why all charities need to consider these challenges in 2021
Whether or not financial difficulties exist, all charities will need to consider their future financial sustainability more carefully from this year due to more robust questioning from their auditors resulting from changes in auditing standards on going concern. Without sufficient preparation there could be significant difficulties in preparing statutory financial statements, and more charities that will have qualified or modified audit opinions, significantly affecting their external profile with their stakeholders. There are, however, some good practices that charities should adopt which will address these concerns and help their financial governance.
Unfortunately, some charities are already facing difficult financial times, or may be doing so soon. For them it is important that there is a good understanding of legal responsibilities and the rules concerning insolvency, but more importantly what alternatives there may be for surviving and thriving. For example, working more effectively through collaboration, restructuring or mergers.
Aimed at charity financial directors, finance executives and trustees, this webinar provided practical guidance and best practice recommendations that address going concern in charities and non-profit organisations, to help maintain their financial sustainability.
Our experts deliver advice and practical guidance on the following key areas:
- The requirements of International Standards on Auditing 570– what it means to auditors and charities
- Future sustainability – good practice in financial management and governance
- What charities can do to respond to financial difficulties including opportunities for mergers and restructuring, and understanding the obligations of the new Insolvency rules
- Sudhir Singh – MHA Partner, Head of Not for Profit sector
- James Gare – MHA Partner, Not for Profit sector
- Jim Clifford – CEO and Founder at Sonnet Advisory & Impact
Our speakers have decades of experience helping charities successfully address these types of challenges.
The webinar comprised a presentation from our experts followed by a Q&A session to allow attendees to ask about any specific issues their charities may be facing.
Click here to download a copy of the presentation slides.
Find out more
If there are any topics from this webinar that you would like to talk to us more about, please do get in touch.