Annual receipts of less than $10,000
Patriotic fund financial accounts do not have to be audited if total gross annual receipts is not more than $10,000, unless required by the Director of Consumer Affairs Victoria.
Annual receipts between $10,000 and $50,000
Patriotic funds with gross income of more than $10,000 need to be audited as the trustees’ decisions, activities and financial reporting are often not subject to any other independent review.
If the total is between $10,000 and $50,000, the annual statement must be audited by a:
- registered company auditor
- member of the Institute of Chartered Accountants
- member of the Australian Society of Certified Practicing Accountants
- member of the Institute of Public Accountants, or
- person with suitable skills who is also authorised to take statutory declarations under the Evidence Act 1958.
Using a person with suitable skills can help reduce the cost of your audit. We consider suitable skills to be experience in the field of financial reporting or accountancy; for example, a bank manager or the secretary of a building society.
If you are finding it difficult to engage an auditor with the qualifications listed above, you can ask us to approve someone you nominate to conduct the audit.
Annual receipts of more than $50,000
If the total is more than $50,000, the annual statement must be audited by a:
- registered company auditor
- member of the Institute of Chartered Accountants
- member of the Australian Society of Certified Practicing Accountants
- member of the Institute of Public Accountants.
Please note:
Trustees or other administrative officers of the patriotic fund cannot conduct the audit, even if they are qualified.
If your patriotic fund is also an incorporated association, there are different auditing requirements. For more information, view Trustee responsibilities.