Inventory auditing – local expertise for global audit firms in New Zealand
Auditing inventory in a different country comes with challenges. For international businesses with a presence in New Zealand, verifying physical stock, plant, and equipment for a remote subsidiary can be complex, costly, and time-consuming. Distance often creates obstacles. Sending staff across national borders is expensive, logistically challenging, and often impractical. That is where we come in.
Transitioning from Tier 2 to Tier 3 financial reporting
If you are a small to medium-sized charity or incorporated society now is a good time to select which accounting standards for not-for-profit (NFP) reporting requirements may be right for your organisation. This is because these thresholds have recently changed and there is an opportunity for some Tier 2 organisations to move to more simplified Tier 3 financial reporting. The New Zealand External Reporting Board (XRB) recently set out new criteria for the threshold size of some reporting Tiers.
How to Avoid the Common Pitfalls of Not-For-Profits: A Practical Guide
Not For Profit (NFP) organisations are integral parts of New Zealand society. However, they are often hindered from their mission by financial planning pitfalls. In this article, we have compiled 15 expert solutions to ensure that your NFP can focus on making bigger difference in our community.
Not-For-Profit Accounting: How to Perfect Your Budget
Budgets lie in the centre of many accounting issues for not-for-profit organisations. Therefore, a well-structured budget can help your NFP stay on track, achieve its mission, and make a lasting impact. Check out our 10 top tips about how to achieve this.
What is the difference between audit services and reviews?
One way to streamline not for profit reporting requirements is to be clear about the difference between audit services and reviews. This article shares the nuances between the two services.
14 steps to make not-for-profit financial reporting a success
The end of the financial year (EOFY) is an important time for not-for-profit organisations (NFPs) to review their financial performance, finalise their financial statements, and prepare for the upcoming year. Follow our 14 steps on how to approach you or your client’s financial not-for-profit financial reporting requirements for year-end.
Understanding financial reporting tiers
Within the myriad of technical jargon that accountants and auditors frequently use is reference to the financial reporting tier structure. This blog looks at what these tiers mean in relationship to financial statements and audit requirements.
How Auckland businesses are supported by BIDs
To help local businesses thrive and be more effective, Auckland businesses can draw on the support of various business associations and organisations. The Hōtaka ā-Rohe Whakapiki Pakihi or Business Improvement District (BID) Programme is run by Auckland Council. It is designed to support economic development, enhance security and advocate for the interests of Auckland businesses. Find out more about how BIDs support Auckland businesses.
Creating an effective fundraising plan for a not-for-profit organisation
A well-designed plan is crucial for effective fundraising for not for profit organisations. This plan can help an organisation build and sustain long-term relationships with donors, diversify its funding sources, and achieve its mission and objectives. Find out the 12 steps you need to know to develop a fundraising plan.
Stakeholder Management Success: 9 Steps To Get You There
By identifying and mapping Stakeholder goals with your own, you can find common ground and leverage this to build stronger relationships that will benefit your organisation and theirs. Good stakeholder management is crucial to deliver the assurance that clients seek from their financial and audit service providers.
Financial Reporting And Audit Requirements For Overseas Property Investors
Are you an overseas investor? Did you know that you may be required to prepare financial statements and have these audited? When investing into New Zealand, it is essential to be aware of NZ financial reporting and audit requirements.
How entities can strengthen its cyber security
Cybercrime and the risks associated with it are no longer the domain of big business only. As auditors, we see an increasing risk for small and medium-sized businesses (SMEs) and Not-For Profit (NFP) organisations throughout New Zealand. This dark and sinister turn of events shows us that having a clear cybersecurity plan in place is vital to protect the revenue, cashflow and digital assets for SMEs and NFPs.
The 15 key responsibilities of a Not For Profit treasurer
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.
What is Statement of Service Performance reporting?
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.
5 Benefits of an AML/CFT Audit Service
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.
Demystifying Auditors’ Questions
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.
Improving Payment Authorisations And Internal Controls
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.
What You Need To Know: The Incorporated Societies Act 2022
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.
