Audit financials refer to financial statements that have been audited by an independent third-party auditor to provide assurance on the accuracy and reliability of the financial information.
Financial statements are typically prepared by the club / branch to provide SLSQ and relevant stakeholders, with information about the club/branch financial performance and position. Financial statements may include a balance sheet, income statement, statement of cash flows, and notes to the financial statements.
When your club/branch financial statements are audited, an independent auditor examines the financial information and provides an opinion on whether the financial statements are free from material misstatement and present a true and fair view of the club/branches financial performance and position.
The auditor will typically review the club/branches accounting policies and procedures, test the accuracy of financial transactions, and assess the club/branches internal controls. The auditor will then issue an audit report that includes their opinion on the financial statements.
Club and branches need to ensure their financial reporting also aligns with the ACNC Financial Requirements.
Feedback
Post your comment on this topic.