Not for Profits and Charities
Audit requirements for not for profit organisations vary depending on their size, type and activities. At Brown Auditing Services, we help a range of non-profits and associations across Hunter, Manning and the Central Coast manage their financial records to comply with relevant legislation and organisational constitutions.
Not for Profit Audit Requirements
According to requirements from The Australian Charities and Not-for-profit Commission (ACNC), ASIC and State and Territory regulators, audit requirements for not for profit organisations are as follows:
- Reduced reporting obligations if annual revenue is less than $250,000
- Voluntary audit or review if revenue is less than $1 million
- Mandatory annual audits if annual revenue is $1 million or greater.
ACNC registered charities with annual revenue over $250,000 must supply financial statements within six months of the end of the financial year to the ACNC. Non-profits with revenue under this threshold only need to provide their Annual Information Statement.
Constitution or Funding Obligations
Not for profit audit requirements can also be specified in an organisation’s constitution or rules. A not for profit audit may also be required for organisations funded by grants, as an annual audit is often required in the funding agreement. In these cases, you need to to be audited regardless of annual revenue to ensure funds were spent appropriately and to fulfil accountability obligations to the governing body that granted the funds.
Benefits Our Not for Profit Audit
A not for profit audit is beneficial even when not required by legislation, constitution or other requirements. It allows you to demonstrate accountability and financial transparency, giving donors, supporters, community members and other stakeholders confidence that funds are not being misappropriated.
Brown Auditing Services help not for profit organisations verify and maintain transparency in their financial records and activities with cost-effective, tailored audit processes. Like any large turnover organisation, not for profits require a clear strategy to achieve specific objectives and maintain a viable operating model. We aim to help non-profits improve internal controls and systems to improve efficiency and drive better outcomes.
Not for Profit Audit Services in New South Wales
Get in touch with Brown Auditing Services to enquire about an audit of not for profit organisations in Maitland, the Central Coast, Taree, Rutherford, Tamworth, Orange, Hunter or Dubbo. Call us on +61 428 661 200 or contact us online.
