Charities registered with the ACNC have to review or audit their financial report once they pass certain revenue thresholds. We carry out both, tailored to a not-for-profit budget, and deliver in time to attach to your Annual Information Statement.
Charities registered with the Australian Charities and Not-for-profits Commission report each year, and depending on size must have their financial report independently reviewed or audited.
Size is based on annual revenue. A small charity has revenue under $500,000 and generally has no mandatory review or audit. A medium charity, $500,000 to under $3 million, must have a review or an audit. A large charity, $3 million or more, must have an audit. Incorporated associations and entities limited by guarantee can have their own requirements on top of the ACNC rules.
Charities and not-for-profits registered with the ACNC, incorporated associations, community organisations, religious and cultural groups, and clubs that need an independent audit or review for members, the regulator or a funder.
It depends on revenue. Under $500,000 a year there is usually no ACNC requirement. From $500,000 to under $3 million you need at least a review. At $3 million or more you need a full audit. Your constitution or a funder may set a stricter bar, which we will check.
A review is lighter and cheaper and gives limited assurance. An audit is more thorough and gives reasonable assurance. Medium charities can usually choose a review, while large charities must have an audit.
Yes. We scope charity engagements to keep the fee proportionate, because we know the money is donated or granted. You get a fixed fee in writing before we start.
Yes. Many charities are also incorporated associations under state law with their own audit rules. We audit against both the ACNC and the state requirement in a single engagement.
Tell us about the entity and the financial year, and we'll come back with a fixed-fee quote within one business day.