Financial Statement Review Services for Community and Not-for-Profit Organisations
A financial statement review is an independent engagement in which a Chartered Accountant examines an organisation's financial statements and reports whether anything has come to their attention to suggest the statements are not fairly presented. It gives limited assurance, costs less than an audit, and is accepted for many medium-sized Queensland incorporated associations and ACNC-registered charities.
Many small and medium associations and charities don't need a full audit, but still require independent assurance. A review offers a cost-effective, compliant middle ground.
Carried out under the Australian review standards (ASRE 2400 and ASRE 2415), rather than the 40-plus auditing standards that apply to an audit
Same independence and ethical rules as an audit (APES 110 Code of Ethics for Professional Accountants)
Meets the reporting requirements of many medium-sized Queensland associations and ACNC charities — see the Queensland reporting levels
What is a financial statement review?
A review is a step down from an audit. Instead of testing transactions and supporting documents in detail, the reviewer makes enquiries of the treasurer and committee, analyses the figures against prior years and expectations, and follows up anything that looks out of place.
The result is a review report that gives limited assurance. It says that nothing has come to the reviewer's attention to suggest the financial statements are not fairly presented. An audit report gives reasonable assurance, a positive opinion that the statements are true and fair, and takes more work to reach.
For a committee, the practical differences are cost, time and the level of comfort the report gives members and funders. Our guide to audit versus review sets them out side by side. If your organisation is large enough to need an audit, see our audit services.
Who needs a review?
Whether your organisation can choose a review, or must have an audit, depends on four things: your size, your constitution, your funding agreements and whether you are registered with the ACNC.
Queensland incorporated associations. The Associations Incorporation Act 1981 (Qld) sets three reporting levels based on revenue and current assets. Medium-sized associations can generally have their financial statements reviewed rather than audited; large associations must be audited. Our guide to the three reporting levels explains the current thresholds.
ACNC-registered charities. Medium charities (annual revenue of $500,000 or more but less than $3 million) may have their financial report reviewed or audited. Large charities ($3 million or more) must be audited.
Your constitution. Some constitutions still say "audited" even where the law allows a review. In most cases that can be read as allowing a review (see FAQ 8 below), but check before your AGM.
Your funders. Many grant agreements require audited statements, or an audited acquittal, regardless of your size. See our grant acquittal audits page.
Not sure which level applies, or when your year ends? Our posts on what is my financial year end and financial statement compliance are a good starting point, or ask us. Working that out takes a few minutes and costs nothing.
Why choose a review?
Reliable, independent review, fixed fee, two-week turnaround, built for incorporated associations and charities.
"The right level of assurance — not more than you need, not less than you should."
We work with:
Incorporated associations (including those not registered with the ACNC)
ACNC-registered charities
Sporting clubs and community groups
Companies limited by guarantee
Our review services cover Queensland and all of Australia (remote and online).
Our independent financial statement reviews typically range between $880 and $2,000 depending on the size and complexity of the organisation, with many engagements completed for around $880 (including GST).
Reviews provide independent assurance without the cost or complexity of a full audit. Ideal for small incorporated associations, clubs and community organisations with straightforward operations.
Grant acquittals for review clients
A review of your annual financial statements does not stop you getting an auditor's report on a grant. Where a funding agreement requires the acquittal to be audited, we complete a separate special purpose audit of that grant under ASA 800 and ASA 805 and issue the report or certification the funder asks for.
Because we already know your ledger, the acquittal audit draws on work done during the review and is priced accordingly. Standalone grant acquittal audits start from $1,100 including GST, and from $550 including GST for existing clients. Tell us at planning time which grants have an audit condition and when each acquittal is due. Full details are on our grant acquittal audits page.
Who We Serve
We review and audit the financial statements of community organisations across Queensland, most of them run by volunteers. Our clients include kindergartens such as Willmore Kindergarten and Preschool Inc, Bayview Kindergarten Association Inc and Florence Kindergarten & Preschool Inc, and sporting clubs ranging from Pine Panthers Netball Club Inc and Samford Netball Club Inc to Everton Physical Culture Club Inc, Auskart Racing Inc and the Sunshine Coast Fraser and Burnett District Touch Association Inc.
We also work with churches and presbyteries, including Caloundra Uniting Church, Gympie Regional Uniting Church, Bremer Brisbane Presbytery and the Nanango, Gympie and Toowoomba Wesleyan Methodist Churches, and with Defence community centres at Gallipoli Barracks and Duntroon.
Cultural and community groups make up the rest, among them the Papua New Guinea Federation Queensland Inc, the Iranian Society of Queensland Inc, Brisbane Pride Choral Inc, Queer Screen Limited and Metropolitan Community Church Brisbane Inc. Whatever the organisation, the committee usually wants the same thing: a clear, independent report that members and funders can trust, without paying for more assurance than the law requires.
What happens during a review?
Quote and engagement letter. You send us the details listed under "Ready to arrange your review?" below. We reply with a fixed-fee quote and an engagement letter setting out the scope, the records we need and the timetable, signed by both parties before any work starts.
Records list. We send a short checklist: bank statements, the Xero, MYOB or cashbook file, financial statements, committee minutes and any grant agreements. If this is your first year-end, our guide to your first year-end as treasurer explains what each item is for, and our post on access to records and the Privacy Act explains why we need the minutes and how your information is protected.
Enquiries and analysis. We work remotely from your records. We compare the figures with prior years and expectations, read the committee minutes, and check a risk-based sample of payments, income and payroll against invoices, bank deposits and the grant agreements, raising queries by email as they come up. Our post on what we actually do in a review walks through the procedures in plain English. Most reviews are completed within two weeks of receiving everything on the list.
Representation letter and report. Before we sign, the president and treasurer sign a short representation letter confirming the records are complete. We then issue the review report and, where we find anything worth telling you, a management letter explaining it in plain language.
AGM and lodgement. You present the reviewed statements at your AGM and lodge them with the Office of Fair Trading or the ACNC. We keep the file for seven years and are available if a member or funder has questions.
Reviews are formal assurance engagements, not operational, bookkeeping or advisory support. As Chartered Accountants we are bound by the APES 110 Code of Ethics for Professional Accountants, including its Independence Standards, which stop an auditor from keeping or preparing the records they then audit. That means we can't do your bookkeeping, Business Activity Statements, payroll or tax return for the same period we audit — even if your previous auditor did — and it is the same reason we can't write your depreciation policy or value your assets for you. The separation protects your committee: the statements are checked by someone who had no hand in preparing them. What the audit does cover is set out in the engagement letter before we start, and anything we find is explained in a management letter at the end. If your records need work first, we can recommend specialist not-for-profit bookkeepers who work with us independently — our unaudited financial statements page explains the errors they most often fix.
Frequently Asked Questions
Q1. Why is a review cheaper than an audit?
Because the scope is narrower — fewer mandatory procedures apply. You still receive the same professional independence and ethical standards as an audit, just in a more efficient process. Our post on fixed fee audits explains how we price both.
Q2. Will the review satisfy my reporting obligations?
For many medium-sized incorporated associations, ACNC-registered charities and grant-funded organisations, yes. It depends on your size, your constitution and your funding agreements — see "Who needs a review?" above. We'll confirm what applies to your organisation before you commit.
Q3. Can you do grant acquittals?
Yes. We regularly complete grant acquittal audits for community organisations, clubs, charities and councils, either alongside a review or as a standalone engagement. We make sure your acquittal statement and supporting evidence line up with the funding body's requirements, helping you stay eligible for future grants.
Q4. What documents do I need to provide?
Usually bank statements, transaction records, financial reports (Xero, MYOB, Excel, etc.) and meeting minutes. We'll give you a checklist so you can prepare easily. Our guide to what financial records an association must keep explains what good records look like.
Q5. Can our Queensland incorporated association accept a review if our constitution says the auditor must "audit" the financial statements?
Yes, in most cases. Your constitution can usually be interpreted to allow a financial review where the law permits it (s 1D, Associations Incorporation Act 1981 (Qld)). The key is making sure the level of assurance (review or audit) matches the current financial thresholds and regulator requirements. Contact us to confirm your association's eligibility before your next AGM.
Q6. How long does a review take?
Most reviews are completed within two weeks of receiving everything on the records list. The biggest cause of delay is records that aren't ready — unreconciled bank accounts, missing invoices or minutes that haven't been signed. Our post on audit timing explains what affects the timetable and how to be ready before your AGM.
Q7. We haven't had a review or audit for several years. Can you still help?
Yes, and you are far from alone. The order of work is the same every time: get each missing year's bank accounts reconciled, prepare a set of financial statements for each year, and have all the missing years reviewed or audited together by one independent practitioner. Our unaudited financial statements page explains the errors we most commonly find and how to get back on track.
Q8. Who is allowed to review our financial statements?
For a Queensland incorporated association or an ACNC-registered charity, a review must be carried out by a qualified accountant who is a member of Chartered Accountants Australia and New Zealand (CA), CPA Australia or the Institute of Public Accountants (IPA), and who is independent of the organisation. A committee member, or the bookkeeper who prepared the accounts, cannot review them. If you are choosing a reviewer for the first time, our guide to how to tender for audit services walks a new treasurer through it.
Ready to arrange your review?
Let's make compliance clear, calm and straightforward — so you can stay focused on your mission.
To prepare an accurate review quote, we just need a few key details from you:
Legal name of your organisation
Whether you are a Queensland incorporated association, a company limited by guarantee or another type of entity, and whether you are registered with the ACNC
Your financial year-end date (for example 30 June or 31 December)
Accounting software or cashbook used (e.g. Xero, MYOB, Excel, manual records)
Last year’s financial statements, or
Total revenue and total wages for the previous financial year
Total current assets as of your most recent year-end date