This paper is a critical evaluation of a pilot cooperative education project conducted with a charitable organization in the UK. An action research approach was adopted. Final level students who are studying auditing have had the opportunity to apply the knowledge and skills they are developing through their studies to a real-life situation in the form of a cooperative education and service learning project. The experience is described and evaluated from the perspective of each stakeholder (i.e. the students, the charity and the lecturer). The main implication of the project is that the experience is of real benefit to all the stakeholders, but brings with it investment and maintenance costs which need to be factored into any potential roll out of the project to other students or other third party organizations.