Queensland Audit Services are SMSF audit specialists offering fast, affordable auditing services Australia wide.
Queensland Audit Services are experienced Not-For-Profit Audit Specialists offering fast, affordable auditing services throughout Queensland.
If you are a company and are looking for an independent, cost effective audit, speak to us.
If you maintain a trust account then an annual audit will be required. We have experience in all types of trust accounts.
Is your school’s P&C involved in any of these commercial activities? How closely are you following the operation guidelines for each?
Not all associations will need an audit. Whether or not your association needs to be audited depends on a number of factors:
1) You will need to know what legislation your entity is governed by. For an incorporated association it will be at least one of the following:
2) If your entity level is 2 or 3 association (not requiring a full audit) but you can carry on activities under either the Collections Act 1966 or Gaming Machine Act 1991, then your financial statements must be audited.
If, after examining the below table, you are still unsure whether your association needs an audit, please contact our team.
Level 1
Current assets of more than $100,000
or total revenue of more than $100,000.
An auditor or certified accountant must audit the financial statements.
Level 2
Current assets between $20,000 and
$100,000 and/or total revenue between
$20,000 and $100,000.
Level 2 incorporated associations required to have an audit conducted under the Collections Act 1966, Gaming Machine Act 1991 or under any law for any other purpose:
An auditor or certified accountant, or person approved by OFT, must verify the financial statements.
For other Level 2 incorporated associations:
An auditor or certified accountant, or person approved by the OFT, must verify the financial statements.
The verification statement must state “I have sighted the association’s financial records and the financial records show that the association has bookkeeping processes in place to adequately record the association’s income and expenditure and dealings with its assets and liabilities”.
Level 3
Current assets of less than $20,000 and
total revenue of less than $20,000
Level 2 incorporated associations required to have an audit conducted under the Collections Act 1966, Gaming Machine Act 1991 or under any law for any other purpose:
An auditor or certified accountant, or person approved by OFT, must verify the financial statements.
For other Level 2 incorporated associations:
An auditor or certified accountant, or person approved by the OFT, must verify the financial statements.
The verification statement must state “I have sighted the association’s financial records and the financial records show that the association has bookkeeping processes in place to adequately record the association’s income and expenditure and dealings with its assets and liabilities”.
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