2023 annual report final WEB - Flipbook - Page 53
FINANCIAL STATEMENTS
Tel: +61 7 3237 5999
Fax: +61 7 3221 9227
www.bdo.com.au
Level 10, 12 Creek Street
Brisbane QLD 4000
GPO Box 457 Brisbane QLD 4001
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Christian Outreach Centre trading as International Network of Churches
Report on the Audit of the Financial Report
Qualified opinion
We have audited the financial report of Christian Outreach Centre trading as International Network of
Churches (the registered entity) and its subsidiaries (the Group), which comprises the consolidated
statement of financial position as at 31 December 2022, the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated statement of changes in funds and
the consolidated statement of cash flows for the year then ended, and notes to the financial report,
including a summary of significant accounting policies, and the declaration by the National Executive.
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section
of our report, the accompanying financial report of Christian Outreach Centre trading as International
Network of Churches, is in accordance with Division 60 of the Australian Charities and Not-for-profits
Commission Act 2012, including:
(i)
Giving a true and fair view of the Group’s financial position as at 31 December 2022 and of its
financial performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards to the extent described in Note 2 and Division
60 of the Australian Charities and Not-for-profits Commission Regulation 2013.
Basis for qualified opinion
Donations, Tithes and Offerings Revenue are a significant source of fundraising revenue for the group.
The group has determined that it is impracticable to establish control over the collection of Donations,
Tithes and Offerings Revenue prior to entry into its financial records. Accordingly, as the evidence
available to us regarding fundraising revenue from this source was limited, our audit procedures with
respect to Donations, Tithes and Offerings Revenue had to be restricted to the amounts recorded in the
financial records amounting to $34.2million (2021: $30.8 million). We therefore are unable to express
an opinion whether Donations, Tithes and Offerings Revenue for the group recorded are complete.
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Australian Charities and Not-for-profits Commission Act 2012 (ACNC
Act) and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES
110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that
are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our qualified opinion.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
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