It’s that time of year when many not for profits will have completed their audit and received the auditor’s letter detailing adjustments to the accounts and risks they’ve identified. Often, they will recommend process changes to improve controls and generally keep the accounts in good shape.
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Currently, many not for profit CEOs and finance staff are preparing their financial reports for the July board meetings. These reports are anticipated by boards because they tell the financial story of the organisation for a full year and most importantly whether they have over- or under-spent on their budgets.
BUT…the EOFY reports do not tell the whole story. We talk about this in July’s blog.
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Audit requirements for not for profit organisations are driven by a number of factors. There are some common requirements between ACNC, ASIC and the State and Territory regulators, and the requirements vary depending on annual revenue. Click here to see whether your organisation needs an audit … or not.
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