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.

Fees

From $800 per audit report (GST exclusive)

Legislation

Australian Charities and Not-for-profits Commission Act 2012
Australian Charities and Not-for-profits Commission Regulation 2013
Financial Reporting & Auditing for Not for Profit Organisations