Not-For-Profit Audits

There are many reasons for auditing of not for profits including regulatory requirements under the Australian Charities and Not-for-profits Commission (ACNC) for organisations with over one million of revenue. For smaller organisations they may still be required to complete a financial audit due to obligations from their funding provider to furnish audited accounts or acquittals to show where funds have been expended. Organisations should also check their constitution as sometimes the constitution will put a requirement on the organisation to get an annual financial audit where otherwise it would not be required to do so. 

The ACNC has specific reporting requirements depending on the size of the organisation:

 

  • For organisations under $250,000 of revenue there is no ACNC requirement for an audit or review and the organisation only needs to submit the Annual Information Statement.
  • For larger NFP organisations with annual revenue of more than $250,000 but less than one million they will need to submit reviewed or audited financial reports. A review is basically a lighter version of an audit which provides a lower level of assurance than a full audit but generally also takes less time and costs less. 
  • NFP organisations with over $1 million must submit audited financial reports.

Our team of qualified auditors have a comprehensive understanding of the reporting requirements applicable to your organisation and the requirements imposed under the various legislative instruments which may apply including the Corporations Act 2001, Australian Charities and Not-For-Profit Commission Act 2012 and Associations Incorporation Reform Act 2012 ensuring that you meet your reporting obligation

how we help

Not-For-Profit Audits

Decades of Experience

Auditors Australia have a team of audit specialists with decades of experience providing services to companies and organisations throughout Australia.

We have a deep understanding of the regulatory requirements specific to different audits and types of entities including the various legislation instruments that effect those entities.

Our commitment is to develop long term professional working relationships with our clients providing value beyond the audit report itself via the provision of assurance advisory and support.

Our professionals have an extensive range of skills in audit and related services and use the latest technology to provide efficient risk-based audits allowing us to be cost competitive while delivering additional value throughout the process.