South Australian Consolidated Acts South Australian Consolidated Acts47—Preparation of accounts and audit
(1) The
committee of management of a registered housing co-operative must, as soon as
practicable after the end of a financial year, ensure that financial
statements are prepared and audited in respect of that financial year.
(2) The
committee of management must ensure that the co-operative's
financial statements are made out in accordance with the approved accounting
standards (unless to do so would not give a true and fair view of the accounts
of the co-operative).
(3) An audit must be
carried out by—
(a) a
registered company auditor; or
(b) a
firm of registered company auditors; or
(c) a
member of the Australian Society of Certified Practising Accountants; or
(d) a
member of The Institute of Chartered Accountants in Australia; or
(e) such
other appropriately qualified person who may be approved by the Minister as an
auditor for the purposes of this section.
(4) A member of a
registered housing co-operative may not be appointed as auditor of the
accounts of the co-operative of which he or she is a member.
(5) An auditor of a
registered housing co-operative has a right of access at all reasonable times
to the accounting records and other records of the co-operative and is
entitled to require from any officer or employee of the co-operative such
information and explanations as he or she requires for the purposes of the
audit.
(6) An officer or
employee of a registered housing co-operative must not, without lawful
excuse—
(a)
refuse or fail to allow an auditor access, for the purposes of an audit, to
any accounting records and other records of the co-operative in his or her
custody or control; or
(b)
refuse or fail to give any information or explanation as and when required by
an auditor; or
(c)
otherwise hinder, obstruct or delay an auditor in the exercise or performance
of a power or function of the auditor.
Maximum penalty: $5 000.
(7) If an auditor, in
the course of the performance of his or her duties as auditor, is satisfied
that—
(a)
there has been a contravention of, or failure to comply with—
(i)
a provision of this Act; or
(ii)
a rule of the co-operative; or
(iii)
a term of an agreement under Division 3 of Part 7; and
(b) the
circumstances are such that in his or her opinion the matter has not been or
will not be adequately dealt with by bringing the matter to the notice of the
committee of management of the co-operative,
the auditor must immediately report the matter to the Minister by notice in
writing.
(8) An auditor must,
on the completion of the audit, prepare a report on the audit in accordance
with the regulations.
(9) An auditor is not,
in the absence of malice on his or her part, liable to any action for
defamation in respect of any statement that the auditor makes, orally or in
writing, in the course of the performance of his or her duties as auditor
under this Act.
(10)
Subsection (9) does not limit or affect any right, privilege or immunity
that an auditor has, apart from that subsection, as defendant in an action for
defamation.
(11) In this
section—
"the approved accounting standards" are accounting standards prepared and
published by the Minister for the purposes of this section.
(12) Unless the
Treasurer otherwise approves, the approved accounting standards must
incorporate accounting standards approved from time to time by the Accounting
Standards Review Board, or such other authority as may be prescribed by the
regulations for the purposes of this provision.