FINANCIAL REPORTING & AUDITING FOR YOUR ORGANISATION
We can handle your audit requirements with due care and diligence from small clubs and associations to large corporations. Our team of specialists can make this process as smooth and pain-free as possible. They are specialists who are able to verify and audit your accounts – and are all members of The Institute of Chartered Accountants in Australia.
Know your level.
According to the Queensland Government, Incorporated Associations are classified into three levels:
An association is within Level 1 if its current assets are in excess of $100,000 or its total revenue is in excess of $100,000.
An association is within Level 2 if its current assets are between $20,000 and $100,000 or its total revenue is between $20,000 and $100,000. But excludes those required to have an audit under Collections Act 1966 or Gaming Machine Act 1991.
An association is within Level 3 if its current assets are less than $20,000 and its total revenue is less than $20,000. But excludes those required to have an audit under Collections Act 1966 or Gaming Machine Act 1991
Level 1: Incorporated Associations must produce Audited Financial Statements which include Income, Expenditure, Assets & Liability Statements.
Level 2: Incorporated Associations are not required to have an audit conducted under the Queensland Government Laws but must present a statement signed by an Auditor, Accountant or an approved person which confirms that they have sighted the association’s financial records and those records show the association has bookkeeping processed in place which are adequate to record the associations income and expenditure and dealings with its assets and liabilities.
Level 3: Incorporated Associations are not required to have an audit conducted under the Queensland Government Law but must present a statement signed by the Association’s president or treasurer that states that the records, assets and liabilities are maintained properly, “A Statement of Record Practices”.
Your records may indicate that you fall within Level 3, however you must realise that by not having the records of your Association audited, fraudulent activities may go unnoticed and the exact and true position of the Association may not be properly known. The Association must be aware and accepting of the risks associated by not auditing the years accounting records.
Associations in Level 3 can still request an audit to be performed in order to report the Associations position to their members at their AGM.
Please also note that some Associations may be Level 2 or 3 but will still require an audit to be conducted due to the rules of their constitution.
We can be of assistance to your association, whichever you choose or level you fall into and we submit for your appraisal a fee proposal for your investment in our services.
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