24Accounts and audit

24 Accounts and audit

[Section 24 Amended by No. 9 of 1982, s. 7 and Sched. 10 ]**[Section 24 Amended by No. 43 of 1983, s. 11 ]

(1)  [Section 24 Subsection (1) amended by No. 14 of 2016, s. 5, Applied:01 Oct 2016] *[Section 24 Subsection (1) substituted by No. 15 of 1984, s. 5 ]**[Section 24 Subsection (1) amended by No. 13 of 1993, s. 12 ]*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) [Section 24 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] a person who is a registered company auditor within the meaning of the Corporations Act; or

(b) such other person as the Commissioner, having regard to the complexity of the financial affairs of the association, may approve.

(1A)  *[Section 24 Subsection (1A) inserted by No. 15 of 1984, s. 5 ]*The Commissioner may revoke an approval given by him under subsection (1) (b) at any time.

(1B)  *[Section 24 Subsection (1B) inserted by No. 13 of 1993, s. 12 ]*The Commissioner may, by notice in writing given to an incorporated association –

(a) exempt the incorporated association, either generally or in relation to a specified year, from complying with subsection (1) ; and

(b) revoke any exemption given under paragraph (a) .

(1C)  [Section 24 Subsection (1C) inserted by No. 14 of 2016, s. 5, Applied:01 Oct 2016] 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 –