Proposed Changes to Requirements for Audit or Review of Financial Accounts (AFR’s)

It has been approved at Assembly, subject to the Assembly Legal Reference Committee review and final approval by the Assembly Standing Committee, that regulations related to church entity financial accounts audit or review be amended to remove the need for church entities with revenue below $100k to have their accounts reviewed and for those above $100k and in the ACNC Small Charity category (revenue less that $500k) they only need to have two responsible people certify the accounts rather than an auditor review the accounts. 

Please see Proposed Option 2 in the table below.

 In anticipation of this being approved we recommend delaying audits and reviews in line with the table below until ASC ratify the assembly proposal.

Please do not hesitate to contact Andrea Tustin, Synod Chief Financial Officer, for more information.