Audits of Not For Profit Organisations
Maintaining transparency, integrity and accountability are paramount for most NFP organisations in Australia and that’s where you need the support of not for profit audit specialists. MGI South Queensland are Not For Profit accounting specialists who can provide just that.
We understand the many challenges of running a nonprofit organisation. Alongside the need to raise funds and the frequently changing regulatory landscape, you need to ensure you are fulfilling your legal requirements. Audit requirements of not for profit orgaisations may vary depending on the size and type of your NFP.
While most not for profit organisation are set up to support a cause rather than make a profit, regardless of your annual revenue, if you are grant funded you may be required to have your accounts audited annually by a registered company auditor.
However, even if you’re not legally required to undertake an independent audit, your nonprofit may benefit from an external review. Among the key benefits are:
- ensuring you’re not exposing yourselves to undue risk
- ensuring your organisational controls are robust
- ensuring you’re adopting best practice accounting process and practices
The audit team at MGI have a specialist expertise in not for profit audits having worked with numerous organisations across multiple sectors including health, aged care, religious organisations and surf living saving clubs.
ACNC Audit Requirements
Not for profit and charitable organisations have a unique set of reporting requirements placed upon them including preparing financial statements that comply with Australian Accounting Standards.
As part of the reporting obligations to the Australian Charities and Not-for-profits Commission (ACNC), some charities must submit financial reports that have either been reviewed or audited.
Medium charities are required to submit financial reports that have either been reviewed or audited. Large charities must submit audited financial reports.
If you are unsure about the audit requirements for your organisation contact us to discuss your setup.
Not For Profit Audit Specialists
Whether you need help with preparing your monthly or annual financial reports or you need an audit completed, the not for profit accounting specialists and audit experts at MGI South Queensland are here to help.