The watchdogs are the joint SORP-making body for charities and currently provide the secretariat services involved in developing the code of practice, including the preparation of technical briefing papers for a committee that advises on changes and the drafting of revised guidance. The SORP advisory committee is made up of charity finance directors and charity auditors as well as members reflecting broader sector and academia.
However, as a result of falling resources at the Charity Commission, it was decided to sub-contract the secretariat and publication of the new SORPs.
Following the contract win, CIPFA will take over the secretariat from next month for three years, with an option to extend for a further two. CIPFA has also been awarded a related subcontract to provide the printing, publication, and distribution of the guidance.
CIPFA chief executive Rob Whiteman said that, as the institute itself was a registered charity, it placed the highest priority on promoting the public interest.
‘This is a great opportunity for CIPFA to use its financial expertise and experience to further develop financial assurance and probity in the third sector and to provide advice and guidance on accounting best practice,’ he added.
The Charity Commission and OSCR will continue to be the SORP-making body as recognised by the Financial Reporting Council.
In a statement from the joint SORP-making body, the regulators said: ‘The outsourcing of the SORP's secretariat and publication demonstrates our continued focus on efficiency and best use of resources.
‘We're delighted to work with CIPFA, a recognised and respected professional body.’
