Associations Incorporation Act 1964

Unless an incorporated association is exempted under subsection (1B) or (1C), the committee of an incorporated association shall, as soon as practicable after the end of its financial year, and at such other times (if any) as the rules of the association provide, cause the financial affairs of the association to be audited by– a person who is a registered company auditor within the meaning of the Corporations Act; or such other person as the Commissioner, having regard to the complexity of the financial affairs of the association, may approve.

The Commissioner may revoke an approval given by him under subsection (1)(b) at any time.

The Commissioner may, by notice in writing given to an incorporated association – exempt the incorporated association, either generally or in relation to a specified year, from complying with subsection (1); and revoke any exemption given under paragraph (a).

An incorporated association is exempt from complying with subsection (1) in relation to a financial year if the revenue of the registered entity for that financial year is less than – $250 000; or such other amount as is prescribed for the purposes of this section.

If the committee of an association fails to comply with subsection (1), each member of the committee is guilty of an offence. Fine not exceeding 1 penalty unit.

No person shall knowingly consent to be appointed, or knowingly act, as the auditor of an incorporated association, or prepare for or on behalf of such an association any financial statement or any report or certificate relating thereto that is required by or under this Act to be prepared by the auditor of such an association if he is – the public officer, or a member of the committee, of the association; a servant of the association; or a partner, employer, or employee of the public officer, or of a member of the committee, of the association.

A firm shall not knowingly consent to be appointed, or knowingly act, as the auditor of an incorporated association or prepare for or on behalf of such an association any financial statement or any report or certificate relating thereto that is required by or under this Act to be prepared by the auditor of such an association if any of the partners is disqualified under subsection (3) from acting as the auditor of the association.

A person who or firm which contravenes any of the provisions of subsection (3) or subsection (4) is guilty of an offence. Fine not exceeding 10 penalty units.