Proposals on auditing charities revised

A second discussion document from the Ministry of  Commerce sets out new proposals regarding audit and assurance requirements for large and medium-sized charities.

It follows a consultation on tentative proposals last year which indicated concerns that the requirements captured too many charities and that these charities were not resourced to meet the new demands.

Under the new proposals, charities with operating expenditure of $1 million or more would be required to have an audit completed. Those with operating expenditure of $400,000 to $1 million could voluntarily obtain an audit or a review.

The Minister of Commerce Craig Foss says these revised requirements would apply to 3,150 of the 25,000 registered charities.

Submissions close 17 May 2013.

Source

News category: New Zealand.

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