Audit requirements
29 Audit requirements
A land trust must have its accounts audited for each financial year by a person who is—
a member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or
a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or
a member of the Institute of Public Accountants who is entitled to use the letters ‘MIPA’ or ‘FIPA’; or
a person approved in writing by the chief executive as having the necessary skills and experience for conducting the audit.
The land trust must ensure the audit is completed, and it receives the audit report, by 30 November in the financial year after the financial year for which the accounts are audited.
The land trust must give the chief executive a copy of the audit report by 31 December in the financial year after the financial year for which the accounts are audited.
Despite subsections (1) to (3), a land trust is not required to have its accounts audited for a financial year if the land trust’s total income from all sources for the financial year is not more than $20000.
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