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Charities may need better financial diligence

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Charities may need better financial diligence

By: Felix Marwick | Latest Political News | Monday April 23 2012 13:15

 

Large charities may have to have better diligence around their finances.

The Government has released a discussion document that proposes charitable organisations that spend over $300,000 a year should have their financial statements audited.

Currently registered charities do have to provide annual financial statements, but there's no auditing requirement.

Commerce Minister Craig Foss says it's about improving transparency and accountability.

He also says the proposed changes would affect only 20 percent of all New Zealand's charities.

Photo: NZ Herald

 

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