BusinessCompany NewsLack of charity sector controls worry FDs

Lack of charity sector controls worry FDs

Are charity sector finances at risk of abuse due to poor financial controls?

Link: Charity finances – tackling the terror threat

More than half of UK finance directors believe charity finances are at risk from poor controls, according to this week’s Accountancy Age/Reed Accountancy Big Question survey.

The damning indictment of the sector comes as industry watchdog, the Charity Commission, launched the second leg of its ‘Accounts aren’t optional’ campaign.

‘I would say there is always a risk of abuse where controls are lacking,’ said John Davies, finance director at Moore & Batch solicitors. Many believed a lack of quality personnel was a problem, with one saying that charities were ‘under-resourced in the area of financial management’.

Of the few FDs who believed charity financial controls are sound, John Lycett, FD at Macreadys, said problems only tended to occur ‘with charities that try to improve an already working process’.

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