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.

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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.

Compliance

  • 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.

ACNC

  • 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    The Auditing and Assurance Standards Board (AUASB) has withdrawn GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities (issued in 2011) as being no longer fit-for-purpose.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.