Do all not-for-profit organisations in Brisbane require an audit?
Not all NFPs are legally required to undergo an audit, it depends on factors like annual revenue, funding sources, and your organisation's constitution. However, many choose to have regular audits to maintain transparency and build trust with stakeholders and donors.
What is a trust account audit and who needs one?
A trust account audit reviews the management of client funds held in trust, ensuring compliance with regulatory standards. This is commonly required for legal firms, real estate agencies, and some financial services businesses in Queensland. We help ensure your trust accounts meet all relevant obligations.
What information do I need to provide for an audit?
Typically, you’ll need to provide financial statements, bank records, transaction histories, and supporting documentation. We’ll guide you through the exact requirements to ensure the process is smooth and efficient.
Why is an independent audit important for my organisation?
An independent audit enhances credibility, improves transparency, and can uncover opportunities for better financial management. It also helps ensure compliance with legal and regulatory obligations which is especially important for businesses, charities, and organisations seeking funding or partnerships.
What factors influence the length of an audit?
The duration of an audit depends on various factors, such as the size of your organisation, the complexity of your financial records, and the scope of the audit itself. We tailor our approach to your specific needs to ensure a thorough review without unnecessary delays.
