The Ministry of Busines, Innovation and Employment has backtracked somewhat on its original proposal to mandate a Review by a Chartered Accountant for all not-for-profit organisations with expenditure of more than $200,000 and an Audit for those with more than $300,000.
In it’s latest, modified proposal, these thresholds have increased to $500,000 for reviews and $1 million for audits. We believe this is much more acceptable.
The proposal also charges the Department of Internal Affairs with monitoring compliance.
Submissions on this proposal close 13 May and can be done here: http://www.med.govt.nz/business/business-law/financial-reporting-framework-review/consultation-on-audit-and-assurance-for-registered-charities