ACNC finds significant financial errors in charity reports

The Australian Charities and Not-for-profits Commission is contacting thousands of charities that have made significant errors in their financial reporting. The charities made these errors in their 2014 Annual Information Statements or annual financial reports. The ACNC is urging the charities to correct the errors as soon as possible to ensure the information available to the public on the Charity Register is up-to-date.

ACNC Commissioner, Susan Pascoe AM, said it was important that charities take action immediately and rectify any errors, adding that "charities will not be penalised for making errors at this point in time."

Nevertheless, mistakes should be corrected as soon as possible to ensure registration with the ACNC is not put at risk.

Common mistakes apparently included miscalculating totals and errors stemming from charities rounding financial figures to the nearest thousand.

Read the full ACNC Media Report.