Lessons on reporting to the Australian Charities and Not-for-profits Commission
This detailed report is aimed to explain some of the material issues/errors identified and the results of this compliance activity in relation to the 2014 financial reporting period.
Desk top reviews were performed on the individual charities selected for review, amounting to one hundred and forty one charities. This involved review of the publicly available Annual Information Statement and annual financial report to identify the following:
- Correct size classification
- Annual financial report agrees to Annual Information Statement financial information and report type
- Annual financial report references to Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act)
- Audit/review report and responsible entity declaration attached and signed
- Compliance with the minimum accounting standards required under the Australian Charities and Not-for-profits Commission Regulation 2013 (ACNC Regulations)
- Compliance with related party disclosures required for general purpose financial reports
- Transitional provisions application and appropriateness.
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