The SLSC Treasurer is responsible for arranging the statutory audit (or review) or the annual financial report. Whether a SLSC is required to have a statutory audit or review will depend on the highest requirement of its constitution, SLS NSW regulations, or ACNC requirement.
| ACNC Charity Size | ACNC Audit/Review requirement | SLS NSW Regulations | Club Constitution |
|---|---|---|---|
| Small (revenue less than $500K) | None | Option of Audit or Review | As per your constitution |
| Medium (revenue between $500K and $3M) | Option of Audit or Review | Option of Audit or Review | As per your constitution |
| Large (revenue $3M +) | Audit | Audit | As per your constitution |
Note, audits can only be conducted by a registered company auditor (as registered with ASIC). Reviews can be conducted by appropriately qualified members of one of the following Professional Accountancy Bodies – Certified Practicing Account (CPA or FCPA), Chartered Accountant (9CA or FCA), or Institute of Public Accountants (FIPA or MUPA).
CMT members should refer to the ACNC website for more information on the reviewing and auditing of financial reports and practical tips to note when progressing through their SLSC’s audit or review process.
SLSC Treasurers may also wish to refer to the ACNC Audit and Review Template designed for use by auditors and developed with the assistance of the Australian Auditing Standards Board.