reviewer’s report template. This template is designed for use by auditors and developed with the assistance of the Australian Auditing Standards Board Technical Group.Download a
What a review includes
A review of your charity’s financial report is conducted by a reviewer. The reviewer states whether there is, or is not anything that has come to their attention that causes them to believe the financial report does not meet the requirements of the ACNC Act (in all material aspects).
A review also states whether your charity:
- provided all information, explanation and assistance needed to conduct the review
- kept good financial records so a financial report could be prepared and reviewed
- kept other records as required under the ACNC Act.
As part of your review, you only need to reference the Australian Charities and Not-for-profits Commission Act 2012 and the Australian Charities and Not-for-profits Commission Regulation 2013. Do not reference the Corporations Act 2001.
Level of assurance
A review only provides limited assurance (comfort). The reviewer states that they do not know of anything to suggest your charity’s financial report is non-compliant. A review is a lower level of assurance than an audit. An audit is a direct opinion as to whether your charity’s financial report meets the requirements of the ACNC Act.
A reviewer will look at your charity’s financial statements and accounts but in less detail than an audit. A reviewer will speak to your charity’s staff, including those responsible for finance and accounting.
Reviews for medium sized charities can be done by:
- a registered company auditor
- an audit firm
- an authorised audit company
- a current member of a relevant professional body, CPA Australia – CPAA (CPA or FCPA designation), Chartered Accountants Australia and New Zealand – CAANZ (CA or FCA designation) or Institute of Public Accountants – IPA (FIPA or MIPA designation).
Under the ACNC Act, a reviewer’s report must:
- state whether anything has come to their attention that causes them to believe your charity’s financial report does not meet the requirements of the ACNC Act. If the reviewer believes the report does not meet the Act, they must:
- explain why
- where possible, quantify the effect of this on your charity’s financial report or if it is not possible to quantify to explain why
- describe any material defect or irregularity in the financial report
- state any problems in the assistance they received from the charity when conducting the review, or any issues with the records kept by the charity as identified above, and
- include any statements or disclosures required by the auditing standards.
The reviewer’s report generally also includes the following:
- a title stating that it is an independent review report, and who it is addressed to, for example, the members of the charity
- an introduction covering the basics of the engagement and what has been reviewed
- a section outlining the governing body’s responsibility for the financial report
- a section outlining the reviewer’s responsibilities
- a conclusion of the review
- if it applies, a section outlining reporting responsibilities to other government agencies
- the date of the report, and
- the reviewer’s signature and address.
Reviewer’s independence declaration
You must get a signed written declaration from the reviewer of your charity’s financial report that states that to the best of the reviewer’s knowledge and belief that:
- there have been no contraventions of any applicable code of professional conduct in respect of the review, or
- the only contraventions of any applicable code of professional conduct in respect of the review are those explained in the declaration.