Charitable Trusts / Organisations

Silks Audit provides audit services to Charitable Organisations and Charities registered with Charities Services.

All registered charities must complete annual reporting to Charities Services. This includes filling out an Annual Return and attaching financial statements. Up until now, there have been no minimum standards on the content or the quality of those financial statements. New reporting standards came into effect on 1 April 2015 and registered charities need to prepare financial statements in line with these new standards.

Although the standards came into effect on 1 April 2015, they only apply to your first full financial year that starts on or after 1 April 2015.

Audit or Review?

If your total operating expenditure for each of the previous two accounting periods was:

  • over $500,000 (medium) –  your financial statements must be either audited or reviewed by a qualified auditor; or
  • over $1 million (large) – your financial statements must be audited by a qualified auditor.

Tier 3 charities that are required by statute to have an audit or review will also have their non-financial information audited or reviewed.

Registered Charities with total operating expenditure of less than $500,000 are not required by law to have an audit or review. However, you may be required by your rules (e.g. trust deed, constitution, or charter) or as a condition of receiving a grant to have your financial statements audited or reviewed.

Statutory audits and reviews must be done by a qualified auditor. Silks Audit are registered with Chartered Accountants Australia New Zealand who offers qualified auditor recognition through the New Zealand Institute of Chartered Accountants (NZICA) which is their New Zealand regulatory body.

Please contact us for your auditing requirements. 

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