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.
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 Bill – information sheet
The Department of Internal Affairs (DIA) is proposing changes to the Charities Act 2005, which governs the operation of charities. This information sheet captures the key changes including the requirement of charitable entities to confirm their governance procedures comply with the requirements of the Act.
Legislative compliance checklist for boards
This document provides guidance to boards on key sector legislation. It contains a brief summary of the legislation and advice on where further information and resources can be found.