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Difference between revisions of "Non-Profit Audits and Auditor (Societies Act FAQs)"
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Non-Profit Audits and Auditor (Societies Act FAQs) (view source)
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{{Societies Act FAQs TOC}} | {{Societies Act FAQs TOC}} | ||
{{REVIEWED | reviewer = [[Pacific Legal Education and Outreach Society]] (PLEO) in May 2021}} | |||
===Do we need to hire an auditor?=== | ===Do we need to hire an auditor?=== | ||
Unless required by the bylaws, most non-profits will not need to have their accounting records (aka the “Books”) audited. In fact, an audit may not even be worthwhile, especially if the cost of the audit would cost a significant portion of the non-profit’s overall budget. Generally, the greater the amount of funds managed by the non-profit, the greater the need and pressure will be to have an auditor. In fact, it is often funders who may require that the non-profit’s books be audited as a condition for grant approval. If an auditor is required, then the non-profit must follow the requirements of the ''Societies Act''. | Unless required by the bylaws, most non-profits will not need to have their accounting records (aka the “Books”) audited. In fact, an audit may not even be worthwhile, especially if the cost of the audit would cost a significant portion of the non-profit’s overall budget. Generally, the greater the amount of funds managed by the non-profit, the greater the need and pressure will be to have an auditor. In fact, it is often funders who may require that the non-profit’s books be audited as a condition for grant approval. If an auditor is required, then the non-profit must follow the requirements of the ''Societies Act''. | ||
