From an auditing and accounting perspective, it is vital that all members of the organisation understand the duties of a treasurer and how to manage the organisation’s finances. In this blog, BVO Audit Director Alex Houghton shares the 15 tasks a treasurer must get very good at to run an effective not-for-profit organisation.
Not For Profit entities (i.e., Charities Services organizations) defined as large and as being either T1 or T2 entities are required to include a Statement of Service Performance (SSP). This article outlines this specific not for profit reporting requirement.
An external independent audit will identify the major issues concerning Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) procedures and controls, and uncover any short-comings.
The purpose of an audit or review is to assure stakeholders that the information presented in financial statements is as correct as possible - a standard often referred to as a true and fair representation of the accounts.
The latest payment authorisations and internal budget control tools, such as Approvalmax and Xero, will ultimately improve your organization's financial management and support it to better meet stakeholder goals.
The Incorporated Societies Act 2022 will bring new rules governing the preparation of financial statements in line with other not-for-profit entities, especially for smaller societies with an OPEX less than $2m.
