Some of the country's largest charities would face much stricter rules on financial reporting, under proposals published by the government yesterday.
The proposed reforms, contained in the white paper Restoring Trust in Audit and Corporate Governance, said that ministers are “open” to the idea of applying rules to big charities which previously only applied to private firms.
This would mean senior staff at charities with incomes over £100m could become personally liable for any errors in the accuracy of financial reporting, and potentially face bans or fines. Responsibility for charity audits currently sits with trustees.
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