Tag Archives: audit

Independent Assurance Policy (former Audit Policy)

The Board of Administration has approved an updated Assurance Policy (was formally known as the Audit Policy).  This has moved away from looking at operating revenue to basing the decision making based upon operating expenditure.

The Board of Administration agreed to adopt the Independent Assurance Policy for any entity that reports to the Conference of the Methodist Church of New Zealand for financial years ending on or after 1 January 2015 and therefore it will apply for most Methodist entities this year.

The policy has been developed to line up with the legal requirements of registered charities also.

In general, look at the constitution first to see what it provides for, look at funding agreements with funding providers, refer to the policy document and then what the Law provides but (subject to what i have just said)  if the operating expenditure of the entity is lower than $500,000 over the last two financial years, then you will not be required to have an audit or review (but you can still have one if you so choose).

Click on the link below to download a copy of the new policy document.

Any questions or comment about this issue, please let me know.

Peter van Hout

Independent Assurance Policy – Methodist Church of New Zealand

Audit Policy – Methodist Church

The Audit Policy of the Methodist Church will not change this year and therefore the requirements for the format, review or audit of the annual accounts have not changed from last year.  A copy of the Audit Policy would have gone out with the Annual Statistic Forms.  If you require a copy then e-mail Peter van Hout, peterv@methodist.org.nz.

However, in light of changes proposed by Government, the Board of Administration is in the process of making changes to the policy so that annual accounts prepared on or after 1 April 2015 will need to meet new cut off points for either a review or audit engagement.