The ACNC is the national regulator of charities; every charity registered with the ACNC must meet certain conditions. The ACNC plays a role in educating entities, investigating potential breaches and taking enforcement action if needed.
A recent initiative of the ACNC is the Data Integrity Project. Registered charities were required to provide financial information for the first time as part of the 2014 Annual Information Statement. The ACNC has been able to address financial reporting errors submitted, incorrect classifications and non-compliant activities as a result of this project.
From the compliance report: “Reporting errors and financial literacy were major factors impacting on the accuracy of charities’ Annual Information Statements and annual financial reports”.
The full report includes detail on the following areas:
- Compliance approach, governance standards and enforcement powers.
- Identifying concerns and risks.
- Working with other agencies to remove regulatory duplication.
- Details of the compliance report including risk category, other agencies involved, charity size, and location.
- Future focus including fraud and financial mismanagement, terrorism, harm to beneficiaries, political activities, and lodgement of accurate annual statements.
- Resources for charities to assist them in meeting their obligations.
ACNC Summary of Activities 2015 and 2016