Audit or Independent Examination of Accounts?
Except for NHS charities, only those charities with gross income of more than £25,000 in their financial year are required to have their accounts independently examined or audited – below that threshold, an external scrutiny of accounts is only needed if it is required by the charity’s governing document.
The thresholds have been increased from 31st March 2015. An independent examination is needed if gross income is between £25,000 and £1 million and an audit is needed where the gross income exceeds £1 million.
More details can be found in this Government document