ACNC Audit Requirements

The 30 June deadline is fast approaching for registered charities with a 31 December year end to lodge their 2016 Annual Information Statement.

Does your charity require an audit or review of its financial report when lodging its AIS with the ACNC?

A large charity (annual revenue of $1 million or more) must have its financial report audited and submit the financial report and auditor’s report to the ACNC.

A medium charity (annual revenue of $250,000 to $1 million) can choose to have it either reviewed or audited.

A small charity (annual revenue of less than $250,000) has no ACNC obligation for a review or audit.

Please note however, a medium or small charity may require a review or audit in accordance with its governing documents (eg Constitution), funding agreements, other legislative requirements such as the Associations Incorporation Act or Corporations Act 2001, or have received written notice from the ACNC Commissioner stating that it must provide audited reports.

Contact Boutique Audit Solutions today to organise the audit or review of your financial report.

Useful links:

Review and audit of financial reports: http://www.acnc.gov.au/ACNC/Manage/Reporting/ReviewAudit/ACNC/Report/ReviewAudit.aspx?hkey=1a656b65-e48f-430a-904e-581a26fa2980

Charity size and revenue: http://www.acnc.gov.au/ACNC/Manage/Reporting/SizeRevenue/ACNC/Report/SizeRevenue.aspx?hkey=f5df7a64-8946-4353-a477-69b3230d8b18

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