Latest Audit News

Keeping you up to date with topical business news and views.

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    Goods or services provided ‘in kind’ to small Tier 3 Charities
    12 September 2018
    Charities often receive donations and services in kind on a regular basis. In kind donations and services means instead of the charity being donated money to buy goods and services, the goods and services themselves are donated at no direct financial cost to the charity.
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    How Effective is Your Audit & Risk Committee?
    26 July 2018
    The effectiveness of a charity’s Audit & Risk committee is important. One of the key objectives of an Audit & Risk committee is to ensure that internal controls are assisting in managing risks and ensuring funds are used efficiently and effectively.
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    Does your Charity Control Other Organisations?
    20 June 2018
    This article will help charities, with annual expenditure under $2m, understand their obligations with regards to Simple Format Reporting and the preparation of their ‘Performance Report’.
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    New Related Party Disclosure Rules for Tier 3 and 4 Charities
    22 May 2018
    In addition to the other mandatory reporting changes discussed in previous articles, which relate to charities with annual expenditure of less than $2m, another significant change is that charities are required to report related party transactions.
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    What's Changed with Charity Reporting
    8 May 2018
    For accounting periods commencing on or after 1 April 2015 all registered charities must prepare financial statements which conform to new financial reporting standards. Many consider this to be the most significant change in financial reporting for the New Zealand charities sector ever.
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    Audits, Reviews and AUPs
    1 May 2018
    Would you trust your accountant to fix your car? Or your mechanic to do your accounts? Getting under the bonnet of the different types of accounting and assurance services on offer.
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    Revenue Recognition for Tier 3 Charities
    19 April 2018
    In addition to the other mandatory reporting changes that have taken place for charities, one of the most notable changes from an accounting treatment perspective is in relation to revenue recognition, particularly grants and donations.
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    Ready, Set, Go! Getting Ready to Implement the ‘Big 3’ Financial Reporting Standards
    2 April 2018
    The accounting profession is on the start line of the most significant event in financial reporting this decade - the implementation date for the three new financial reporting standards affectionately known as the ‘Big 3’: Revenue NZ IFRS 15, Financial Instruments NZ IFRS 9 and Leases NZ IFRS 16.
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    Accounting Standards for Tier 3 and 4 Charities - Cash v Accrual Accounting
    20 March 2018
    This article will help Charities with annual expenditure under $2m to understand their obligations with regards to Simple Format Reporting and the preparation of their ‘Performance Report’. There are two options available known as cash and accrual.
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    Financial Reporting for Large Charities
    1 February 2018
    The new accounting standard establishes mandatory requirements for Tier 1 and Tier 2 public benefit entities to present service performance information within their annual financial statements.
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    Charity Performance Reporting - What's it all About?
    15 December 2017
    There is no doubt about it – registered charities perform a critical role in New Zealand society. How do we determine which charities we dedicate our time, money and goodwill to?
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    Are you Ready to Change How you Account for Revenue?
    8 August 2017
    NZ IFRS 15 Revenue from Contracts with Customers is the new accounting standard that will replace existing revenue standards and pronouncements in providing guidance on how to account for revenue. The new standard is effective for annual periods from 1 January 2018 and at a minimum one comparative (1 January 2017) period would need to be presented.
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