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


From $800 per audit report (GST exclusive)


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

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