The Not For Profit sector covers Clubs and associations, Religious organisations, Public interest entities, Incorporated and Unincorporated entitles, Australian Charities and Not-For Profit Corporation entities (ACNC), Public and Private Ancillary Funds and Parent and Citizens Associations.
The Not for Profit sector has undergone some significant changes in aspect of governance, financial reporting, operational performance and effectiveness. This is premised by the creation of the Australian Charities and Not-For Profit Corporation entities (ACNC). The values established under this legislation brings into focus a sector that had little or no regulation in place in particular in respect to governance and accountability.
Paramount in this process is fraud minimisation, money laundering, misuse or misdirection of funds raised publicly or otherwise.
Audit forms a vital link in overviewing all aspects of performance, a watch dog role when needed and assistance with compliance with the Australian accounting and reporting standards.
SAAS Audit undertakes wide range of audits in these not-for-profit areas and can assist with an efficient audit approach and provide arms length advice on such aspects as Governance, Internal Controls and Reporting and disclosure requirements. SAAS Audit can also assist with advice on financial statement preparation and can produce compliant statutory financial reports if the client requires. Please contact us so we can help yourself or your clients in this very important sector.