Victorian Consolidated Legislation

Associations Incorporation Act 1981 - SECT 30B

Accounts of prescribed associations

30B. Accounts of prescribed associations



(1) A prescribed association must, after the end of each financial year of the
incorporated association cause its accounts to be audited by-

   (a)  a registered company auditor; or

   (b)  a firm of registered company auditors; or

   (c)  a person who is a member of CPA Australia or the Institute of
        Chartered Accountants in Australia; or

   (d)  any other person who is approved by the Registrar as an auditor of the
        accounts of the incorporated association for the purposes of this
        section.

Penalty: 10 penalty units.

(1A) A person who audits the accounts of a prescribed association must provide
the association with a written report of the audit.



(2) A person may not be appointed as auditor of the accounts of the
incorporated association for the purposes of this section if the person is-

   (a)  a member of the committee of the incorporated association; or

   (b)  an employer or employee of a member of that committee; or

   (c)  a member of the same partnership as a member of that committee; or

   (d)  an employee of the incorporated association.

(2A) The Registrar may grant approval to a suitably qualified person or class
of suitably qualified persons (other than a person referred to in subsection
(2)) to audit the accounts of a prescribed association or a class of
prescribed associations.

(3) A prescribed association must keep all accounting records of the
incorporated association for a period of 7 years after the completion of the
transactions to which they relate.

Penalty: 5 penalty units.

(4) An incorporated association may apply in writing to the Registrar for an
exemption from the requirements of subsection (1).

(5) The Registrar may grant the exemption subject to any conditions the
Registrar thinks fit.

(6) The Registrar may at any time, by notice in writing, vary or revoke an
exemption under this section.