Volunteer accounting in an unregulated environment: a critical examination of club-level accounting: considerations for policy makers

This research examined the accounting practices of small community sporting clubs, where Treasurers manage the finances. Treasurers are typically volunteers who are unlikely to be professional accountants, and consequently the regulator has adopted a minimalist approach to regulating the accounting function. An examination of financial statements revealed widespread errors of varying importance, but were 'true and fair' on average. The decisions pertaining to audit revealed wide variability in the choice of auditor and the nature of assurance provided. This is the first study of club-level accounting, and the results provide valuable insights capable of informing future policy debate.