Why do we need financial report audits for our Club / Not For Profit organisation?

For all Clubs and Not for Profit Organisations, the new financial year is a busy time – as well as completing “the books” for another year, there are new rules and regulations to understand and implement while continuing to provide those essential services to your members.

So the question that begs to be asked is “Why do we need an annual audit of our financial reports” when we are already so busy?

At TJL Business Advisors and Accountants we believe that there are 5 reasons to conduct an audit:

1. Accountability– gives the members and the community a sense of confidence that the Board and Management are functioning well and prepared to meet future changes.
2. Assurance– that the businesses systems, internal controls and services are operating effectively.
3. Compliance– that the business is complying with all its legal and administrative regulations.
4. Reliability– that the financial statements provide an accurate picture of how the business is operating.
5. Feedback– the independent auditor provides positive feedback when systems are working well and constructive feedback when systems need upgrading.

TJL Business Advisors and Accountants now have an internal Audit and Assurance division which specialises in Clubs and Not for Profit audits. Contact the Forster office on (02) 6554 9511 or Taree on (02) 6552 3233 to discuss how we can help your organisation today.