Audit of Charities (other than Companies Limited by Guarantee)


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.

  • Small charities (annual revenue is less than $250 000) – need to submit an Annual Information Statement (AIS). From 2015 onwards the Annual Information Statement will include basic financial questions.
  • Medium charities (annual revenue is $250 000 or more but less than $1 million) – must submit an AIS and an annual financial report that is reviewed or audited.


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.