The Associations Act (Vereingsgesetz) stipulates a statutory audit obligation for large associations by an auditor. With small and medium-sized associations, two auditors, who need not be certified public accountants, shall be appointed to audit the financial management. With large associations, the auditor, who has to be acertified public accountants, also performs the audit of the financial management. CENTURION has its own team for non-profit organisations, which has practical knowledge and experience and is available as a sparring partner as auditor and consultant.
The Donation Quality Seal (Spendengütesiegel) represents a reliable public quality criterion for the use of donations by associations. If the organisation is based in Austria and pursues non-profit, benevolent or ecclesiastical activities, the Donation Quality Seal can be applied for. The audit of the Donation Quality Seal must be carried out by an auditor no later than 9 months after the balance sheet date. In addition to auditing associations and accounts, CENTURION also carries out audits in the course of the Donation Quality Seal and is thus a full-service provider for Austrian associations.
In Austria, foundations can be established in accordance with the rules of the Private Foundation Act (Privatstiftungsgesetz), the Federal Foundation Act and the Fund Act (Bundesstiftungs- und Fondgesetz), as well as in accordance with rules of provincial law.
With private foundations pursuant to the Private Foundation Act, a statutory audit must be carried out by applying mutatis mutandis the rules on audit of financial statements pursuant to the Austrian Commercial Code. Due to the fact that the private foundation is ownerless, the statutory auditor of a private foundation has a special significance and position. The auditor is an important body of the private foundation and as such has special rights and duties to ensure the accuracy of the annual financial statements and the fulfilment of the foundation's purpose.
Foundations under the Federal Foundations and Funds Act as well as foundations under provincial law, such as the Viennese Provincial Foundations and Funds Act (Wiener Landesstiftungs- und Fondsgesetz), are obliged to appoint at least one statutory auditor if the qualified threshold values are exceeded. The auditor of the foundation or fund shall audit and confirm the financial management of the foundation with regard to the correctness of the accounting and the use of funds in accordance with the declaration of incorporation.
CENTURION's experts have many years of expertise and practical experience in the special laws applicable to both private foundations and public foundations, making us a reliable partner for all foundations.
According to the Political Parties Act (Parteiengesetz), the Austrian legislative authority provides for an audit of the accounts of political parties in the course of the audit of the statement of accounts. The appointment of the auditors, who must necessarily consist of two independent certified public accountants, is made by the Austrian Court of Audit (Österreichischer Rechnungshof) from a proposal of five. The audit of the statement of accounts is carried out in accordance with relevant recommendations and takes into account in particular the specific information needs of the Austrian Court of Audit and the public.
Quality, expertise and reliability are the highest asset and correspond to the CENTURION claim for the implementation of such engagements. Audit engagements in connection with statement of accounts of political parties are carried out by CENTURION experts specialised in accounting and auditing of political parties.