Many not for profit entities require an audit service, as they may be above the legislative thresholds that require a financial audit, or have a government imposed obligation for it.
Not for profit organisations are usually structured as an Incorporated Association or Company Limited by Guarantee, and may lodge with the ACNC. Under the relevant rules, those that have revenue over a certain threshold will require a financial audit or audit review.
Public Bodies are not for profits that are established by government, and under the Financial Management Act, are required to have a financial audit. Other entities such Mutual funds, Trade Unions, and Charity Trusts that the deductible gift recipients, are also generally required to be audited.
