Audit · Not-for-profit
Audits and reviews for charities and not-for-profits
Reviews and audits for charities, incorporated associations, clubs and community organisations, by a registered auditor. We start by working out what the ACNC, NSW Fair Trading and your funders actually require, so you don’t pay for an audit when a review will do.
Who we audit
Charities registered with the ACNC
Reviews and audits of annual financial reports for medium and large charities, including those that are companies limited by guarantee and report to the ACNC instead of ASIC.
Incorporated associations
Audits for NSW associations that have outgrown Tier 2 or whose members require one, timed for presentation at your annual general meeting.
Clubs and community groups
Sporting clubs, parents and citizens associations, church and community organisations, with a report the committee can understand and present to members.
Grant funding
Many funders require an audited acquittal of how their grant was spent. We can do it alongside the annual audit, so the committee isn’t paying for the same work twice.
What we need
The draft financial report, bank statements and reconciliations, the general ledger, grant agreements and acquittal requirements, board or committee minutes, and the constitution. Volunteer treasurers aren’t expected to know the jargon; we send a plain checklist and answer questions as they come up.
Our auditors
[check: registered auditor names and ASIC registration numbers]
Frequently asked questions
Does our charity need an audit or a review?
For ACNC-registered charities it depends on annual revenue. Small charities (under $500,000) don’t need either. Medium charities ($500,000 to under $3 million) need a review or an audit. Large charities ($3 million or more) need an audit. Your funders or your constitution can require more than the ACNC does.
What’s the difference between a review and an audit?
A review gives limited assurance: we enquire and analyse, and report whether anything has come to our attention suggesting the statements are wrong. An audit gives reasonable assurance and involves testing the records in detail. A review costs less, and for a medium charity it’s often all that’s needed.
We’re an incorporated association in NSW. Do we need an audit?
Tier 1 associations (gross receipts over $250,000 or current assets over $500,000) must have their financial statements audited. Tier 2 associations generally don’t, unless their members or constitution require it. [check: confirm Tier 1 thresholds and requirement]
How much does it cost?
A fixed fee quoted before we start, based on your revenue, the number of funding programs and the condition of the records. We understand that every dollar spent on the audit is a dollar not spent on the cause, and we size the work to what’s actually required.
Can you also do our bookkeeping or accounts?
Yes, but not if we’re also your auditor; the independence rules don’t allow both. Tell us which you need and we’ll make sure the arrangement is right.
Ready to talk?
Book a free consultation of up to an hour, in the office or by video, or just call.