• The statement of accounts for all IPCs has to be externally audited.
  • Companies limited by guarantee will be audited under the Companies Act.
  • The audit requirements for the other NPOs and charities are shown below:
1

$250k or less

Statement of accounts can be examined by an independent person whom the governing board members believe have the relevant ability and practical experience.
2

Between $250k and $500k

Statement of accounts can be examined by an independent person whom the governing board members believe have the relevant ability and practical experience.
3

Above $500k

Statement of accounts has to be externally audited by a public accountant.
  • Submission within 6 months after the end of each financial year
    • 30/70 fund-raising rule.
    • Summary of the unrestricted income funds and restricted income funds.
    • Appropriateness of accounting policies and disclosures of financial & non-financial information.
  • Are eligible for full tax exemption after receiving the charity status.
  • Change auditor at least once every 5 years, whether to another auditor from the same auditing firm or company.

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