New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 118

118 Auditing of accounts

(1) The operator of a retirement village must ensure that the accounts for the village are audited annually by a person qualified to audit accounts for the purposes of the Corporations Act 2001 of the Commonwealth.

Maximum penalty: 50 penalty units.

(2) If the audit fees are to be paid by the residents of the village:

(a) the fees must be itemised in the statement of proposed expenditure, and

(b) the item must include the name of the auditor to be appointed, and

(c) the residents’ consent to that appointment is required in the same way as it is required for the expenditure of the fees concerned.

(3) The operator of the retirement village must also give the Residents Committee copies of quarterly accounts of the income and expenditure of the village.

(4) If there is no Residents Committee established for the village, a copy of the quarterly accounts must be given to any resident who requests one.

(5) The quarterly accounts are not required to be audited.