12 June 2024 
Amanda Darley, Head of Operations and Engagement
With auditors raising the possibility of university groups using the subsidiary audit exemption, we commissioned advice from Pinsent Masons to look at this question.
The advice covers the principles of whether/when universities could use the exemption, any associated risks, the charity law considerations, the accounting implications, and any issues with non-charitable expenditure. It is a high level starting point to assist discussions within university teams.
When considering options relating to subsidiary company audits, there is of course also the possibility of using a different (perhaps smaller and/or more local) firm for these audits, rather than the same firm who undertakes the university audit.
