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Charities with annual expenditure of $500,000 or more will be required to have their financial statements reviewed by a qualified accountant, Minister of Commerce Craig Foss and Community and Voluntary Sector Minister Jo Goodhew announced today.
Charities with annual expenditure over $1 million will be required to have their financial statements audited.
“These changes will improve the quality of financial reporting among charities and result in greater confidence that financial statements are reliable,” says Mr Foss.
- Jo Goodhew
- Craig Foss
- Community and Voluntary Sector