Not-for-profit
audits and reviews
Helping you make a difference
Not-for-profit
audits and reviews
Helping you make a difference
Aotearoa NZ is a better place because people like you give time and expertise to community organisations.
To show respect for your contribution, we promise to make the audit process straightforward. We use plain language reporting to benefit you and the organisation you represent. Whether you’re a Trustee of a single entity or an organisation with multiple entities (eg. you’re a church with a childcare centre), BVO audit and review services will help your organisation in three ways:
Our simple-to-read reports will help your trustees, treasurer, chartered accountants and the board make decisions more easily and with less risk. That leaves you more time and energy to do what you do best: grow the membership, attract donations, sponsors and philanthropic supporters and above all else, make a difference.
Types of not-for-profit organisations we work with
BVO Audit has a thorough understanding of all NZ Acts that dictate funding regulations and are abreast of new regulations that arise and the implications they have on auditing compliance. We have deep experience in meeting requirements for the Ministry of Education, Ministry of Health and other relevant government agencies that take an interest in making sure not-for-profits meet their statutory requirements. Plus, we’re across the rules for church donations and ministry.
Making the audit/review process work for you
The type of assurance your Not-for-Profit needs depends on legal structure and operating expenditure. The bigger your organisation, the more rigorous the rules around compliance.
To help you figure out exactly the level of independent validation your financial reporting needs, if any, read on….
Which best describes your organisation?
All registered charities are required by law to have an external audit, except for very small charities that can choose to have an audit or review.
For charities, with operating expenses of more than $500k/year you will need an audit or review. See charitable tiers explained.
If you have less than 500k operating expenses, you are not required by law to have your financial statements audited or reviewed. However, many funders require a review or audit prior to providing funding. Your constitution may also require your organisation to be reviewed or audited or you can elect to have your financial statements reviewed or audited for good governance and stakeholder assurance.
What’s the difference between an audit and a review? Find out here.
The rules around compliance for Incorporated Societies changed in April 2022. Yes, organisations have been given time to prepare for the new requirements, but it can be daunting. We’ll help make the transition to meeting the new requirements as painless as possible.
Although your incorporated society is not currently required to have an independent audit of financial statements, many incorporated societies elect to have an audit or a review, to help with governance, to comply with funding agreements or to satisfy audit requirements of their constitution. See charitable tiers explained.
Electing to have an audit or review can help with governance and assure your board, your accountant and your members that the organisation is minimising its risks.
Although not required by law to have your financial statements audited or reviewed, you can choose to have a voluntary review or audit to help with governance and assure your board, your accountant and your members that the organisation’s finances are well-managed.
What’s the difference between an audit and a review? Find out here.
Charitable Trust Guidelines
How getting an audit or review works.
The process spelled out.
You’ll love how easy it is to work with us. We’ll do the work either at your place or at our offices in Newmarket, then prepare a report on what we found.
1. Discuss
Discuss your requirements with one of our qualified auditors.
2. Estimate
Receive a formal fee estimate for the job, without obligation.
3. Engage
Decide to engage the services of BVO Audit.
4. Step-by-Step
Get step-by-step, easy-to-follow instructions and a checklist to help you gather all the relevant information.
5. Your place or ours
We’ll do the work either at your place or at ours, with minimal disruption, to assess and analyse your information and systems.
6. Audit Reports
You’ll receive audit reports of your financial statements, plus a plain language management letter containing constructive feedback on systems, processes or control measures that have been identified, to help you meet stakeholder goals.
Auditing and review services for not-for-profit organisations
- Not-for-profit / Charity audit or review. Click here to find out if you need a review or audit
- Education Provider Audit
Insights
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.
