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)  [*\[Section 24 Subsection (1) amended by No. 14 of 2016, s. 5, Applied:01 Oct 2016\]*](/view/html/inforce/2016-10-01/act-2016-014#GS5@Hpa@EN) *\[Section 24 Subsection (1) substituted by No. 15 of 1984, s. 5 \]**\[Section 24 Subsection (1) amended by No. 13 of 1993, s. 12 \]*Unless an incorporated association is exempted under [subsection (1B)](#GS24@Gs1B@EN) or [(1C)](#GS24@Gs1C@EN) , 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) [*\[Section 24 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001\]*](/view/html/inforce/2001-07-15/act-2001-042#JS1@Ja4@GC5@EN) 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)](#GS24@Gs1@EN) [(b)](#GS24@Gs1@Hpb@EN) 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)](#GS24@Gs1@EN) ; and > > > > > > > (b) revoke any exemption given under [paragraph (a)](#GS24@Gs1B@Hpa@EN) . > > > (1C)  [*\[Section 24 Subsection (1C) inserted by No. 14 of 2016, s. 5, Applied:01 Oct 2016\]*](/view/html/inforce/2016-10-01/act-2016-014#GS5@Hpb@EN) An incorporated association is exempt from complying with [subsection (1)](#GS24@Gs1@EN) in relation to a financial year if the revenue of the registered entity for that financial year is less than – > > > > > > (a) $250 000; or > > > > > > > (b) such other amount as is prescribed for the purposes of this section. > > > (2)  *\[Section 24 Subsection (2) amended by No. 55 of 1965, s. 5 \]**\[Section 24 Subsection (2) amended by No. 43 of 1991, s. 5 and Sched. 1 \]*If the committee of an association fails to comply with [subsection (1)](#GS24@Gs1@EN) , each member of the committee is guilty of an offence. > > > > Penalty:  Fine not exceeding 1 penalty unit. > > > (3)  *\[Section 24 Subsection (3) inserted by No. 29 of 1966, s. 2 \]*No person shall knowingly consent to be appointed, or knowingly act, as the auditor of an incorporated association, or prepare for or on behalf of such an association any financial statement or any report or certificate relating thereto that is required by or under this Act to be prepared by the auditor of such an association if he is – > > > > > > (a) the public officer, or a member of the committee, of the association; > > > > > > > (b) a servant of the association; or > > > > > > > (c) a partner, employer, or employee of the public officer, or of a member of the committee, of the association. > > > (4)  *\[Section 24 Subsection (4) inserted by No. 29 of 1966, s. 2 \]*A firm shall not knowingly consent to be appointed, or knowingly act, as the auditor of an incorporated association or prepare for or on behalf of such an association any financial statement or any report or certificate relating thereto that is required by or under this Act to be prepared by the auditor of such an association if any of the partners is disqualified under [subsection (3)](#GS24@Gs3@EN) from acting as the auditor of the association. > > > (5)  *\[Section 24 Subsection (5) added by No. 29 of 1966, s. 2 \]**\[Section 24 Subsection (5) amended by No. 43 of 1991, s. 5 and Sched. 1 \]*A person who or firm which contravenes any of the provisions of [subsection (3)](#GS24@Gs3@EN) or [subsection (4)](#GS24@Gs4@EN) is guilty of an offence. > > > > Penalty:  Fine not exceeding 10 penalty units.