Audit compliance for registered non-profit organisations arises when income before applicable exemptions exceeds the tax-free threshold. Section 348 requires accountant audit of a registered non-profit organisation's accounts where total income, computed without giving effect to the ... Summary
Audit compliance for registered non-profit organisations arises when income before applicable exemptions exceeds the tax-free threshold.
Section 348 requires accountant audit of a registered non-profit organisation's accounts where total income, computed without giving effect to the provisions governing such organisations, exceeds the maximum amount not chargeable to income-tax. The person receiving the income must furnish a prescribed audit report in Form 112, signed and verified by the accountant, with prescribed particulars, one month before the income-tax return filing due date.
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