Yes. In most cases, your constitution can be interpreted to allow a financial review when the law permits it. The key is ensuring that the level of assurance (review vs audit) aligns with the current financial reporting thresholds and regulator requirements. Contact us to confirm your association’s eligibility before your next AGM.

A review provides moderate assurance at a lower cost and is often sufficient for most incorporated associations and smaller charities. It involves analytical procedures and inquiries rather than detailed testing. Audits, while more extensive, provide higher assurance but are typically required only for larger entities or specific funding conditions

Reporting thresholds depend on total revenue. In Queensland, Tier 1, Tier 2, and Tier 3 categories determine whether a review or audit is required under the Associations Incorporation Act 1981 (Qld) or by the ACNC. We can advise which category your organisation falls under and what level of assurance applies.

The answer depends on your structure.

• Incorporated Associations (Qld) report to the Office of Fair Trading.

• Registered Charities report to the ACNC.

• Indigenous Corporations report to ORIC.
  We can help ensure your financial statements meet the correct regulator’s format and deadline.

Organisations that have adopted a review have implemented at least two of the following:

1. Segregation of duties.

2. Accounts and records are maintained on Xero or MYOB online.

3. Engaged an external bookkeeper.

4. The accounts are maintained on a cash basis (in Microsoft Excel).

5. Board members have access to the bank statements.

6. Board members have access to the online accounts or cash book.

7. The head office maintains the accounts and records.

8. You have a qualified accountant on your board.

Yes. We frequently assist with grant acquittal statements and funding body confirmations. A review engagement still provides assurance to third parties while keeping your reporting cost-effective and compliant with funding conditions.

Yes. We can provide sample financial statement formats that comply with ACNC and Office of Fair Trading requirements. These examples help committees understand what’s expected and how to prepare supporting documentation for a smooth year-end process.

Yes. The Review Standards require us to report to you whether we have become aware of any matter that makes us believe that the financial report does not comply with legislation and regulations, including giving a fair view of the financial position and its performance. We are also required to communicate any matter that comes to our attention that indicates the existence of fraud or non-compliance with laws and regulations, or suspected fraud or non-compliance with laws and regulations.

Once we receive all requested documents through Dropbox Request, most reviews and audits are finalised within two weeks. Financial statements are then sent securely for electronic signing via Dropbox Sign, making the process efficient and paper-free.