Audit & Review (Charities)
The Australian Charities and Not-for-profits Commission (ACNC) categorises charities into 3 size categories based on annual revenue.
Small charities: Annual revenue less than $250K; no ACNC obligation for review or audit
Medium charities: Annual revenue between $250K to $1 m; review or audit required by ACNC
Large charities: Annual revenue above $1 m; audit required by ACNC.
Benefits of a Review or Audit
These benefits can include the:
- obtaining of an independent, expert opinion regarding the truth & fairness of the financial statements
- detection of any errors
- ensuring compliance with accounting principles & standards
- detection & prevention of any fraudulent activity
What We Require You to Provide
In order to complete an effective & efficient review, access to the following are required:
- General Ledger or access to accounting software used
- Income & Expenditure Statement
- Balance Sheet
- Invoices for revenue earned during the financial year being audited
- Invoices/receipts for expenses paid during the financial year being audited
- Bank statements during the course of the financial year being audited
- Minutes of all meetings held during the financial year being audited
- Approved budgets for the financial year being audited
Guidance is provided by the ACNC on their website in the form of practical tips regarding keeping of record keeping obligations.
From $800 per audit report (GST exclusive)