47Audits of tier 2 incorporated association

47 Audits of tier 2 incorporated association (1) This section applies to an incorporated association (a tier 2 incorporated association) that is not a tier 3 incorporated association and the association: (a) has gross receipts, at the end of a financial year of the association, exceeding the prescribed amount for the year; or (b) has gross assets, at the end of a financial year of the (c) holds a licence under the Gaming Machine Act 1995; or (d) is a prescribed incorporated association or a member of a class of prescribed incorporated associations. (2) The association must ensure its accounts are audited by: (a) a person who is a member of an accountants body; or (b) a person who holds qualifications in a prescribed class of qualifications; or (c) a person who is, or is a member of a class of persons, approved by the Director. (3) If an incorporated association contravenes subsection (2), each