NOT FOR PROFIT AUDITS
The accounts of any person or organisation that holds authority to conduct a fundraising appeal must be audited annually by a registered company auditor. We have been involved in a wide range of audits for charities and community assistance based organisations.
Private & Public Ancillary Funds
One form of charities within Australia is an ancillary fund. An ancillary fund is a legal structure that can be used to establish a tax-deductible foundation and is usually established and maintained under a will or an instrument of trust. An ancillary fund may be a private ancillary fund (PAF) or a public ancillary fund (PuAF). A PAF is a vehicle used for private philanthropy and by its very nature cannot conduct public fundraising activities. In a PuAF, the public must contribute to the fund and a majority of the trustee must be representative of the public. It is a common structure for community foundations within Australia. All PAFs and PuAFs are required to have their financial statements audited annually. A PAF and PuAF audit includes a financial and a compliance aspect to it. Assura has had considerable experience in auditing PAFs and PuAFs for a number of years.
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