Retirement Villages Act 1986

The operator of a retirement village, after the end of each financial year and before the next annual meeting, must cause a financial statement referred to in section 34(3) to be reviewed by an independent person who is a member of, and who holds a current practising certificate from—

CPA Australia; or

the Institute of Public Accountants; or

Chartered Accountants Australia and New Zealand.

At a meeting of residents, the residents may resolve, by special resolution, that a financial statement referred to in section 34(3) must be audited by—

a registered company auditor within the meaning of the Corporations Act; or

a firm of registered company auditors; or

a person who is—

a member of, and who holds a current practising certificate from, CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand; and

authorised to conduct the audit by CPA Australia, the Institute of Public Accountants or Chartered Accounts Australia and New Zealand; or

a person approved by the Director to audit the financial statements.

The residents may resolve under subsection (2) that a financial statement must be audited whether or not it has been reviewed under subsection (1).

A person who audits or reviews a financial statement must provide the operator with a written report of the audit or review.

Despite subsection (1), if a financial statement is audited in accordance with a resolution referred to in subsection (2), the retirement village operator is not required to cause it to be reviewed.

If the residents resolve under subsection (2) that a financial statement must be audited, the operator must—

convene a meeting of the residents as soon as practicable after the operator is provided a written report of the audit; and

present the report and the statements to the meeting of residents.