Not for Profit & Associations
Not for Profit Organisations
Not for profit organisations also need to have audits conducted on their accounts to ensure that they have a true representation of their accounts presented to members. Requirements for an audit are set out in the organisation’s governing constitution. Entities can be Public Companies limited by guarantee, Private Companies, or State Registered Incorporated Associations. We have many years of experience in these type of audits.
Incorporated Associations are regulated by the Office of Fair Trading in Queensland, or the equivalent in other states. In Queensland, Incorporated Associations are divided into three levels each with different levels of financial criteria and reporting requirements.
The financial statements must be verified to confirm that the financial records show that the Association has book keeping processes in place to adequately record their income and expenditure and dealings with its assets and liabilities.