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ASSOCIATIONS INCORPORATION ACT 1991 - SECT 74 Review or audit of accounts

ASSOCIATIONS INCORPORATION ACT 1991 - SECT 74

Review or audit of accounts

    (1)     A medium and large association must appoint an auditor.

Maximum penalty: 2 penalty units.

    (2)     For each financial year, the committee of an incorporated association must take reasonable steps to ensure that the following is done at least 14 days before the association's annual general meeting:

        (a)     for a small association—the association's accounts for the financial year are reviewed by a reviewer;

        (b)     for a medium association—the association's accounts for the financial year are reviewed or audited by an auditor;

        (c)     for a large association—the association's accounts for the financial year are audited by an auditor.

Maximum penalty: 5 penalty units.