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Need to Audit?

Our bridge club is giving its Constitution a thorough overhaul. I was wondering whether we need to retain the clause about the Club's accounts needing an annual audit.

I note that that there seems to be no audit stipulation in the EBU's model constitution.
The rules requiring small businesses to be audited each year have been relaxed considerably in recent years. You can make a turnover of £5,000,000 and employ 40 people without needing to be audited. And the banks do not require a business to be audited before they offer it a bank account.
Our bridge club is very simple, with few assets besides our playing equipment, and no associated limited company.
We rely on a friendly, retired accountant to audit our books to comply with the constitution, but we cannot an unlimited supply of such people prepared to do it for free. It would seem that professionals prepared to audit sports clubs etc at arm's length typically charge upwards of £1,200.It would be very helpful if anyone could offer some advice on this matter. Bridge clubs can be very conservative, because of the demographics of their membership, and it is very easy to fall into the trap of continuing to do what has always worked in the past.

Comments

  • edited 12:21PM
    An audit is simply and inspection of the accounts by another person to ensure that the accounts are correct. I would suggest that level of scrutiny required and that would come down to the amount of money involved.  The annual turnover of my club is less than £4,000 clearly it would be madness to pay Delloites £1,000+ to check that the Treasurer hasn't creamed off £50.  
  • RMBRMB
    edited 12:21PM
    I was advised (I am not a lawyer) that if a club/association has turnover less that £10K then there is no need for a formal audit.
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