The NZ Trustees Association (NZTA) in their latest newsletter ask “Is XRB Reporting suffocating smaller Charities”?
The newsletter starts:
“This is the first year for Charities to provide XRB based Performance Reporting.
XRB Reporting and the lifiting of the bar of Audit and Financial Review compliance has seen some unexpected results-
- Some Chartered Accountant’s firms losing their ability to conduct full Audits
- Sizeable increases in fees for Audits
- Sizeable increases in fees for Financial Reviews
- Small to Medium Charities being stretched both financially and resource-based to comply
- A gridlock of need by entities for Audits and Reviews
- An absolute windfall for the accountancy profession
- DIA Charities Services being ensconced to receive and oversee XRB Performance Reporting
Financial and resourced-based suffocation of small charities is a real concern … ”
(The article is no longer available on the NZTA website)