HQB Manager, Mandy Bedi, now an ASIC approved SMSF auditor

We have been lucky enough to have Mandy as part of our audit team for many years now, and her professional development has led to her formally being recognised as an ASIC approved SMSF auditor!

This is a huge accomplishment earned through hours of practical experience and competency exams to ensure a certain level of expertise for auditing self- managed superannuation funds. Congratulations, Mandy!

This now adds to a team of 4 ASIC approved SMSF auditor At HQB.

Charity Financial Reporting under the microscope following ACNC findings

Recently, The Australian Charities and Not-for-profits Commission (ACNC) released findings based on an annual examination of nearly 300 medium and large charities. We found some areas of concern which are of interest to us, as auditors, and could also be interesting to some of our clients. The report highlighted the following:

  1. Incomplete Reporting:
    • 30% of annual financial reports were missing one or more necessary components and, as a result, were not compliant with ACNC reporting obligations.
  2. Government revenue received not adequately disclosed:
    • 20% of the Annual Financial Reports contained defects in this area. The ACNC has published a new best practice guide for reporting on Government revenue. This guide provides that if a charity receives 10% or more of its revenue from Government the following should be disclosed:
    • Total revenue received from each level of Government
    • Names of Government Departments or agencies from which it received revenue as well as the amount of revenue received from each one (up to 10 )
    • Revenue from providing goods and services to beneficiaries that receive related Government financial assistance (eg NDIS)
  3. Inconsistencies between the information disclosed in the Annual Information Statement and the Annual Financial Report:
    • 5% of Charities reviewed fell into this category.

HQB offers specialist financial advice to not-for-profit entities. With the 30 June 2021 reporting season fast approaching, do not hesitate to contact James or Michelle if you need assistance or advice in relation to your reporting obligations.

– Michelle Paull & Nicola Dawson

Posted 21.06.2021

What Our Clients Say

I'm really enjoying the personalised touch and service I'm receiving from Ian and Siarn. Always prompt, professional and happy to answer my silly questions and help me stay informed. I've been a client of Bill's and HQB for about 20 years. Since Bills retirement he passed me on to Ian and the quality of the service just seems to keep getting better. HQB comes highly recommended by me.
Trent Allen
Trent Allen
03:43 25 Jun 20
We highly recommend the team at HQB. We are a Sydney based business, and we find the team highly professional, responsive, and just a pleasure to deal with. They are very proactive and we feel as though we are a valued client. Well done to Brad Sheaves and team HQB !
Alastair Fysh
Alastair Fysh
04:31 25 May 20
HQB accountants have been an asset to our business. They have made Job Keeper a breeze and kept our business strong. They respond to emails quickly. They have been terrific value for us as they have brought knowledge and expertise that I don't have even if I had the time to do my accounting. They have taken the time to understand my business and structure our finances accordingly.
Kyle Maloney
Kyle Maloney
06:19 22 May 20
Amazing service from James (& Brianna), going well above his responsibilities to his clients. Cannot recommend James highly enough. HQB a highly professional and responsive accounting firm. Incredibly quick at responding, yes, often after hours, which is more than we would ever expect from any professional. I am continually recommending James to friends and family. Many thanks James. Kind regards, Lyn (& Jeff) Green
Jeff Green
Jeff Green
01:02 17 May 20
James became our Accountant last year and he has handled all our entities swiftly and pro actively. We are incredibly impressed with him and HQB and feel very comfortable in their hands to manage our Business. James is always prompt in replying and sometimes out of hours and his handling of our recent predicament with COVID 19 has helped us manage our Business successfully through this trying time. Thank you James and the team at HQB. We will always recommend you highly,.
Pandora Colledge
Pandora Colledge
01:36 15 May 20

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