Audit of financial report
244N Audit of financial report
A large co‑operative must have the financial report for a financial year audited in accordance with the Corporations Act Part 2M.3 Division 3 (as applying under section 244U) and obtain an auditor’s report.
A small co‑operative’s financial report for a financial year does not have to be audited if —
the report is prepared in response to a direction under section 244I or 244J; and
the direction did not ask for the financial report to be audited.
If a small co‑operative’s financial report for a financial year is prepared in response to a direction under section 244I or 244J and the direction asked for the financial report to be audited —
in accordance with the Corporations Act Part 2M.3 Division 3 (as applying under section 244U); or
in some other specified manner,
the co‑operative must have the financial report audited as directed and obtain an auditor’s report.
If a small co‑operative’s financial report for a financial year is prepared in response to a direction under section 244I or 244J and the direction asked for the financial report to be audited without specifying the manner in which the audit is to be conducted, the co‑operative must have the financial report audited in accordance with the Corporations Act Part 2M.3 Division 3 (as applying under section 244U) and obtain an auditor’s report.
[Section 244N inserted: No. 7 of 2016 s. 85.]
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