Audit & Review (Clubs & Associations)

An incorporated association falls within one of three tiers:

Tier 1 : Annual revenue less than $250K -> no obligation for review or audit
Tier 2: Annual revenue between $250K to $1 m -> review required
Tier 3: Annual revenue above $1 m -> audit required

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

Fees

From $800 per audit report (GST exclusive)

Legislation

Associations Incorporation Reform Act 2012
Financial Reporting & Auditing for Not for Profit Organisations