South Australian Consolidated Regulations South Australian Consolidated Regulations25—Audit (section 138(1) and (4))
A community corporation is exempted from the requirement to have the annual
statement of accounts audited if—
(a) all
of the community lots of the community scheme are owned by the same person; or
(b) all
money payable to the corporation is received and held by an agent on behalf of
the corporation in accordance with the Act and these regulations; or
(c) the
number of community lots in the community scheme is six or less and during the
financial year to which the exemption will relate, the corporation has passed
a unanimous resolution exempting the corporation from that requirement; or
(d) the
aggregate of the contributions made, or to be made, by members of the
corporation in respect of the year to which the statement relates does not
exceed $3 000 and the balance standing to the credit of the
administrative fund and the sinking fund at the commencement of that year does
not exceed $3 000 for each fund.