For Impact is HLB Mann Judd’s regular newsletter for the not for profit community.
In Issue 33 we address NFP governance updates, ACNC activities, financial reporting insights, compliance and governments.
A summary of the key points:
NFP Governance Updates
- Defining conflict of interest
The Institute of Internal Auditors has released Conflict of Interest Definitions to help organisations work out the best definition for their purposes.
- Help on identifying differences between an audit and a review
The Auditing and Assurance Standards Board has issued What not-for-profit entities need to know about the differences between an audit and review.
- UTS Sydney back-pays staff more than $4.4 million
The University of Technology Sydney (UTS) is back-paying staff more than $4.4 million, plus superannuation and interest, and has entered into an enforceable undertaking with the FWO.
- Employee entitlements changed on 1 July
As part of its 2022-23 annual wage review, the Fair Work Commission has increased the national minimum wage and minimum wages for awards.
- Charities registrations revoked
Following several warnings, the ACNC has revoked the registration of more than 700 charities.
- Know the charity sector
The latest official data shows Australia’s charity sector generated $190 billion in revenue and employed 10.5 per cent of the workforce, highlighting its significance to the Australian economy and community.
Financial Reporting Insights
- ASIC highlights key reporting areas
The Australian Securities & Investments Commission (ASIC) has urged directors, preparers of financial reports, and auditors to assess the impact of uncertain market and economic conditions while reporting for full and half-years ending 30 June.
Fundraising & Deductible Gift Recipients
- AUASB issues bulletin on fundraising revenue
The Auditing and Assurance Standards Board (AUASB) has withdrawn GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities (issued in 2011) as being no longer fit-for-purpose.
- Streamlining DGRs
Deductible-gift-recipient status has been streamlined for organisations applying under four DGR registers.