industrial and provident society audit requirement

An industrial and provident society (IPS) is an organisation set up to carry out a trade or business for community benefit. A general meeting of the society must pass a resolution to disapply the requirement to appoint a qualified auditor. A society must once in every year send a return [section 10(e) of the Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014] and must be accompanied by audited financial … Industrial and provident societies and friendly societies are subject to the audit requirements set in the Friendly and Industrial and Provident Societies Act 1968 and in the Friendly Societies Act 1974. It is incorporated, which means that it has gone through the registration process that converts a new or existing business into a corporate body, making it a legal entity in its own right. AUDIT EXEMPTION. Industrial and provident societies and friendly societies are subject to the audit requirements set in the Friendly and Industrial and Provident Societies Act 1968 and in the Friendly Societies Act 1974. Companies, which meet specific criteria, may, under the terms of Chapter 15 Part 6 Companies Act 2014, avail of an exemption from the requirement to have the financial statements which are appended to its annual return audited. You can find more information about passing a resolution at paragraph 7.32 of our guidance. Guidance on audit requirements. After registration, a society must have its accounts audited each year by a statutory auditor.

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