Charities are now regulated by the Australian Charities and Not-for-Profit Commission (ACNC). Under the Australian Charities and Not-for-profits Commission Act 2012 (Cth) (The ACNC Act) charities reporting requirements are dependent on their classification as either small, medium or large charities.
Therefore, small charities do not need to be audited unless their constitutions require an audit. Medium charities can elect to have a review instead of an audit and this review can be performed by a member of IPA, CPA or CAANZ in practice.
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