How we assess financial reports

With a primary review we examine a selection and not all of the disclosure requirements.

We consider whether the organisation or branch has:

• satisfied the financial reporting timelines required under section 253, section 265, section 266 and section 268 of the Fair Work (Registered Organisations) Act 2009 (the RO Act)
• lodged all documents required undersection 268 of the RO Act
• complied with some of the disclosure requirements under the Australian Accounting Standards, the RO Act and the General Manager's reporting guidelines.

See what we assess with our primary review checklist.

We undertake an advanced review based on factors including if the registered organisation or branch:

• has not addressed previously raised non-compliance issues
• is under inquiry or investigation.

The advanced review involves confirming that a financial report satisfies all requirements set out in the:

• Australian Accounting Standards
• the General Manager's financial reporting guidelines
• the RO Act and Regulations.

Based on the advanced review, we may require a registered organisation or branch to:

• provide further information to us
• amend its financial report, provide its amended report to members and to us (before it can be filed and published on our website).

See what we assess with our advanced review checklist.