We offer the following audit services to the public:
- audit for Not-For-Profit organisation to meet the reporting requirements by the regulator,
- audit for Self-managed Super Funds
We will help you to comply with the requirements imposed by the regulators.
In Victoria, Incorporated associations must prepare a financial report to be presented to their members at the annual general meeting (AGM).
Consumer Affairs Victoria sends an Annual Statement form one month after the associations financial year end date. Associations have five (5) months from their financial year end date to hold the annual general meeting and submit their annual financial statement to Consumer Affairs Victoria. Lodging the annual statement is the responsibility of the secretary (formerly public officer).
Auditing requirements vary based on the gross revenue for the last financial year.
Tier three: more than $1,000,000
Associations are required to have their financial statements audited by an independent accountant.
Tier two: $250,000 – $1,000,000
Financial statements are required to be reviewed by an independent accountant – a process that typically costs about one third of a formal audit.
Tier one: less than $250,000
Associations do not need to have their financial statements reviewed or audited, unless a majority of members present at a general meeting vote to do so.
For more information about accounting and auditing for incorporated associations read the information on the Consumer Affairs Victoria (CAV) website.
For the SMSF funds, a new penalty regime applies from 1 July 2014. This means you, as the trustee of your super fund, have to comply with all the financial audit and compliance audit of your fund every year. The ATO put more pressures on the audit requirement for self-managed super funds to make your your fund complies with the current legislation.
If there’s a breach in your super fund that leads to a contravention being issued, the trustee will be liable for that. With the new penalty regime, ATO have the ability to commence civil proceedings or criminal prosecution rather than imposing administrative penalties only.
For more information about SMSF audit please click this link, SMSF Auditor.
Please feel free to contact us if you have any query.