Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The committee of an incorporated association must take reasonable steps to ensure that the audit of the association's accounts is completed at least 14 days before the audited statement of the accounts is required to be presented at the annual general meeting of the association under section 73.
(2) The accounts of an incorporated association must be audited by a person who—
(a) is not an officer of the association; and
(b) has not prepared or assisted with the preparation of those accounts.
(3) If an incorporated association—
(a) has gross receipts, at the end of a financial year of the association, exceeding the prescribed amount per annum; or
(b) has gross assets, at the end of a financial year of the association, exceeding the prescribed amount; or
(c) is a prescribed association or a member of a prescribed class of associations;
the committee must ensure that the association's accounts are audited by a person who is a member of the Institute of Chartered Accountants in Australia, the National Institute of Accountants, or CPA Australia, or who is registered as an auditor under the Corporations Act, being a person who is not—
(d) an officer of the association; or
(e) a partner, employer or employee of an officer of the association; or
(f) a partner or employee of an employee of an officer of the association.
(4) If the first financial year of an incorporated association of the kind referred to in subsection (3) ends after the commencement of this Act, the committee is taken to have complied with that subsection in relation to that year if the association's accounts for that year have been audited by a person who is not an officer of the association.
(5) Subsection (3) does not apply to an incorporated association prescribed for section 76.
Maximum penalty: 5 penalty units.