Audit exemption - friendly and industrial and provident societies
The circumstances in which a society may be exempt from the legal requirement to have its accounts audited have been changed so as to bring the relevant provisions into line with corresponding provisions in company law.
Following the change, section 4 of the Friendly and Industrial and Provident Societies Act 1968, which requires a society to appoint a qualified auditor to audit its accounts, will not apply to a society whose assets do not exceed £2.8 million (up from £1.4 million) and whose turnover does not exceed £5.6 million (up from £350,000).The change has effect for years of acount which end on or after 6 June 2006.