128Audits

128 Audits (1) An association taken to be an incorporated association under this Act (an existing association) may elect to continue to comply with the auditing requirements that applied to the existing association immediately before this Act commenced during the period commencing on the day on which this Act commences and ending on 30 June of the financial year in which that day occurs. (2) If, during the period mentioned in subsection (1), an existing association makes an election under that subsection, despite the repeal of the repealed Act: (a) sections 25, 25AG, 25AH, 25AI, 25AJ, 25AK and 25AM of the repealed Act continue to apply to the existing association; and (b) Part 5 of this Act does not apply to the existing association. (3) If, during the period mentioned in subsection (1), an existing association does not make an election under that subsection, Part 5 of this Act applies to the existing association. (4) If the first financial year of a tier 2 incorporated association ends after the date on which this Act commences, the committee is taken to have complied with section 47(2) in relation to that financial year if the association's accounts for the year have been audited by a person who is not a member of the association.