Skip to Main Content
Menu
Search
Home
Find Activities
Law commission consultation reviewing the Friendly Societies Act 1974 and 1992
Closes
11 Jun 2025
This service needs
cookies enabled
.
Chapter 5: Accounts, audits, and friendly societies that are public interest entities
Consultation Question 28: We provisionally propose that friendly societies should be permitted to elect their financial year-end date, subject to certain limitations regarding the time period that may elapse between accounting periods, and subject to any necessary transitional arrangements. Do consultees agree?
Yes
No
Other
Please explain your selection above:
Consultation Question 29: We provisionally propose the following (see below). Do consultees agree?
Yes
No
Other
A friendly society may not specify a new year-end date in its rules if the change would cause its current financial year to extend beyond 18 months.
Yes
No
Other
A friendly society may have a reporting period of less than 12 months after changing its financial year-end date.
Yes
No
Other
Please explain your selection above:
Consultation Question 30: We ask consultees whether the regulators should be empowered to require electronic-only filing of documents.
Yes
No
Other
Please explain your selection above:
Consultation Question 31: We invite consultees’ views on the following. (1) Whether there should be a tiered approach to audit for small friendly societies not carrying out regulated insurance activities.
Yes
No
Other
Please explain you selection above:
(2) If a tiered approach is required, what thresholds should be set to qualify as a small friendly society.
Consultation Question 32: We provisionally propose the following for small friendly societies that do not undertake regulated activities (see below). Assuming that a satisfactory approach can be found to determining when a friendly society is “small”, do consultees agree with provisional proposals (1) to (4)?
Yes
No
Other
(1) Any person appointed to audit the accounts should be a qualified auditor.
Yes
No
Other
(2) An incorporated friendly society not authorised to carry on any regulated activities should be able to opt out of the duty to audit accounts when it is below a certain size.
Yes
No
Other
(3) That threshold should be capable of revision by statutory instrument.
Yes
No
Other
(4) The registering authority or members should be able to insist upon an audit.
Yes
No
Other
Please explain your selection above:
Consultation Question 33: We provisionally propose that the committee of management should be permitted to appoint auditors and determine their remuneration. Do consultees agree?
Yes
No
Other
Please explain your selection above:
Consultation Question 34: We invite consultees’ views on whether the statutory cap on remuneration rates for auditors under the 1974 Act should be removed.
Yes
No
Other
Please explain your selection above:
Consultation Question 35: Assuming that the 1974 Act is retained, we provisionally propose the following for societies and branches registered under the 1974 Act (see below), which are not subject to any other statutory duty in respect of audit. Do consultees agree?
Yes
No
Other
(1) Any person appointed to audit the accounts should be a qualified auditor.
Yes
No
Other
(2) A registered society should be able to opt out of the duty to audit accounts when the registered society is below a certain size.
Yes
No
Other
(3) The appropriate regulator, the registering authority, or members should be able to insist upon an audit.
Yes
No
Other
Please explain your selection above:
We invite consultees’ views on whether the thresholds set for societies registered under the 1974 Act to be exempt from the requirement to appoint auditors should be updated, and if so, what the thresholds should be
Consultation Question 36: We invite consultees’ views on whether charitable registered societies should continue to be exempt charities and if so, whether any reform in respect of their audit requirement is required.
Yes, they should continue to be exempt charities
No, they should not continue to be exempt charities
Please explain your selection above. If you selected "yes", please explain whether any reform is required in respect of the audit requirements that apply to registered societies that are exempt charities.
Consultation Question 37: We are provisionally of the view that the Friendly Societies (General Charge and Fees) (Amendment) Regulations 1996/3094 have no real effect and ought to be revoked. Do consultees agree?
Yes
No
Other
Please explain your selection above:
Consultation Question 38: What benefits do PIE audits offer to friendly societies?
Enter any benefits that PIE audits offer friendly societies.
Consultation Question 39: We invite consultees to provide evidence of any disproportionate burdens associated with PIE audits and to share their views on any steps that could be taken to avoid or reduce these burdens so that a more proportionate approach could be developed.
Enter any evidence of any disproportionate burdens associated with PIE audits and share your views on any steps that could be taken to avoid or reduce these burdens so that a more appropriate approach could be developed,
Continue
Save and come back later…
