Boards have a regulatory and compliance assurance role.   

They do this in the first instance through Policy, making it explicit that the board will identify and evaluate principal risks faced by its organisation, and ensure the appropriate systems are in place to avoid or mitigate those risks.  

This includes the prompt investigation of any material shortfalls or breaches in compliance or risk management standards.  

The resources below have been compiled as a useful guide for boards when they are considering regulatory compliance.  

Resources

Statement of Service Performance Summary

Recent changes to the External Reporting Board (XRB) requirements for tier 1 and 2 Public Benefit Entities (PBEs) include the requirement to complete a Statement of Service Performance (SOSP). This captures charities and incorporated societies. This document provides a high-level summary and a useful table outlining the requirements and timing of compliance for different entities.

Incorporated Societies Act 2022 and Regulations 

The recent introduction of the new Incorporated Societies Act on 6 April 2022 will have an impact on sector organisations. This resource is designed to assist sector boards on navigating these changes.

Charities Amendment Act – Sector advisory update

A July 2024 advisory highlights key changes in the Charities Amendment Act, including a new requirement to review governance procedures every three years to ensure they align with your entity’s charitable purpose and support compliance with the Act.

Legislative Compliance Guide

This guide provides sport and recreation organisation governors with an overview of key legislation impacting them and the obligations and responsibilities for compliance.

Anti-Money Laundering ( ‘AML’) and Customer Due Diligence (‘CDD’)

There are new changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.

If you are asked by an institution such as your bank, fund manager, lawyer or accountant to complete a CDD, a brief advisory can be found here that outlines the Act and its requirements.

Payment of an honoraria to volunteers in relation to the Health and Safety at Work Act 2015 and being considered a PCBU

This brief advisory provides guidance on whether the payment of an honoraria to board members of volunteer organisations results in them being considered employees and therefore the organisation considered a PCBU (person conducting a business or undertaking).