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Charity regulators to review of SORP making process

The four charity regulators in the UK and Republic of Ireland have decided to hold a governance review of the constitution and composition of the Charities Statement of Recommended Practice (SORP) committee and the SORP making process.

The governance review will be undertaken by an Oversight Panel comprising an observer representative nominated by the FRC and a representative from each of the four charity regulators. The panel will be assisted by the staff of the CCEW and OSCR.

The purpose of the governance review is:

  • to gain assurance that the SORP-making process commands confidence and addresses the transparency and public confidence challenges facing charities; and
  • to assure the Financial Reporting Council (FRC) that any revised arrangements adhere to the FRC Policy on developing SORPs.

The charity regulators have identified that as a minimum the governance review shall consider the following matters:

  • the composition of the advisory SORP Committee;
  • identification of, and engagement with, key stakeholders in the SORP development process;
  • the extent to which the views of key stakeholders have been recognised in the process; and
  • the possibility of changes to membership of the SORP Committee should the FRC agree the remit of the SORP to make recommendations covering non-statutory financial reporting by charities.

The governance review will be undertaken during 2018 and the conduct of the review, the taking of evidence, publicising of the process, and the identification and invitation of participants, and any other relevant matter shall be determined by the Oversight Panel. Any recommendations from the review requiring change to the composition of the advisory SORP Committee and the SORP development process will be taken forward by the SORP-making body in 2019 in time for the development of the next full SORP.

Keep up to date with developments in the review at Charities SORP