We are getting a few people asking if a parish needs an audit or review for the annual accounts to 30 June 2014. As posted in June, the Audit Policy of the Church has not changed from last year and I have attached the current policy to this post.
If the parish has total operating revenue of LESS than $125,000 for the 12 months ending 30 June 2014 then the Church does not require the parish to have an audit or review but you could have decide to have one, if you choose to have one.
If the parish has total revenue of the parish is between $125,001 and $2,500,000 then you need to have a review as set out in the Audit Policy.
If the parish has total revenue greater than $2,500,000 then you need to have an audit.