sec.59AAPreparing audit report

### sec.59AA Preparing audit report This section applies to— a large incorporated association; or a medium incorporated association if the association is required under another law to have its financial statements audited; or a small incorporated association if the association is required under another law to have its financial statements audited. However, this section does not apply to an exempt association. The members of the management committee of the incorporated association must ensure the association, within 6 months after the end date of each financial year for the association— has the financial statement for the association’s last reportable financial year audited by— for a large incorporated association—an auditor or accountant; or for a medium incorporated association or small incorporated association—an auditor, accountant or approved person; and has the person who audits the financial statement under paragraph (a) prepare and sign an audit report for the audit. Maximum penalty— for each member of the management committee of a large incorporated association—20 penalty units; or for each member of the management committee of a medium incorporated association or small incorporated association—10 penalty units. In this section— exempt association means an incorporated association that is a member of an exempt class. exempt class means a class of incorporated association prescribed by regulation as an exempt class for this definition. s 59AA ins 2020 No. 17 s 22 (sec.59AA-ssec.1) This section applies to— a large incorporated association; or a medium incorporated association if the association is required under another law to have its financial statements audited; or a small incorporated association if the association is required under another law to have its financial statements audited. (sec.59AA-ssec.2) However, this section does not apply to an exempt association. (sec.59AA-ssec.3) The members of the management committee of the incorporated association must ensure the association, within 6 months after the end date of each financial year for the association— has the financial statement for the association’s last reportable financial year audited by— for a large incorporated association—an auditor or accountant; or for a medium incorporated association or small incorporated association—an auditor, accountant or approved person; and has the person who audits the financial statement under paragraph (a) prepare and sign an audit report for the audit. Maximum penalty— for each member of the management committee of a large incorporated association—20 penalty units; or for each member of the management committee of a medium incorporated association or small incorporated association—10 penalty units. (sec.59AA-ssec.4) In this section— exempt association means an incorporated association that is a member of an exempt class. exempt class means a class of incorporated association prescribed by regulation as an exempt class for this definition. - (a) a large incorporated association; or - (b) a medium incorporated association if the association is required under another law to have its financial statements audited; or - (c) a small incorporated association if the association is required under another law to have its financial statements audited. - (a) has the financial statement for the association’s last reportable financial year audited by— (i) for a large incorporated association—an auditor or accountant; or (ii) for a medium incorporated association or small incorporated association—an auditor, accountant or approved person; and - (i) for a large incorporated association—an auditor or accountant; or - (ii) for a medium incorporated association or small incorporated association—an auditor, accountant or approved person; and - (b) has the person who audits the financial statement under paragraph (a) prepare and sign an audit report for the audit. - (i) for a large incorporated association—an auditor or accountant; or - (ii) for a medium incorporated association or small incorporated association—an auditor, accountant or approved person; and - (a) for each member of the management committee of a large incorporated association—20 penalty units; or - (b) for each member of the management committee of a medium incorporated association or small incorporated association—10 penalty units.