sec.59ABPreparing verification statement

### sec.59AB Preparing verification statement This section applies to— a medium incorporated association if the association is not required under another law to have its financial statements audited; or a small incorporated association if the association is not 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, prepares a statement (a verification statement ) that— for a medium incorporated association— states that an auditor, accountant or approved person has examined the association’s financial records; and states that the association’s financial records show the association has adequate bookkeeping processes in place to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and is signed by the auditor, accountant or approved person mentioned in subparagraph (i) ; or for a small incorporated association— states that the association’s financial records show the association keeps adequate financial records to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and is signed by the association’s president or treasurer. Maximum penalty for each member of the management committee—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 59AB ins 2020 No. 17 s 22 (sec.59AB-ssec.1) This section applies to— a medium incorporated association if the association is not required under another law to have its financial statements audited; or a small incorporated association if the association is not required under another law to have its financial statements audited. (sec.59AB-ssec.2) However, this section does not apply to an exempt association. (sec.59AB-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, prepares a statement (a verification statement ) that— for a medium incorporated association— states that an auditor, accountant or approved person has examined the association’s financial records; and states that the association’s financial records show the association has adequate bookkeeping processes in place to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and is signed by the auditor, accountant or approved person mentioned in subparagraph (i) ; or for a small incorporated association— states that the association’s financial records show the association keeps adequate financial records to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and is signed by the association’s president or treasurer. Maximum penalty for each member of the management committee—10 penalty units. (sec.59AB-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 medium incorporated association if the association is not required under another law to have its financial statements audited; or - (b) a small incorporated association if the association is not required under another law to have its financial statements audited. - (a) for a medium incorporated association— (i) states that an auditor, accountant or approved person has examined the association’s financial records; and (ii) states that the association’s financial records show the association has adequate bookkeeping processes in place to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and (iii) is signed by the auditor, accountant or approved person mentioned in subparagraph (i) ; or - (i) states that an auditor, accountant or approved person has examined the association’s financial records; and - (ii) states that the association’s financial records show the association has adequate bookkeeping processes in place to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and - (iii) is signed by the auditor, accountant or approved person mentioned in subparagraph (i) ; or - (b) for a small incorporated association— (i) states that the association’s financial records show the association keeps adequate financial records to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and (ii) is signed by the association’s president or treasurer. - (i) states that the association’s financial records show the association keeps adequate financial records to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and - (ii) is signed by the association’s president or treasurer. - (i) states that an auditor, accountant or approved person has examined the association’s financial records; and - (ii) states that the association’s financial records show the association has adequate bookkeeping processes in place to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and - (iii) is signed by the auditor, accountant or approved person mentioned in subparagraph (i) ; or - (i) states that the association’s financial records show the association keeps adequate financial records to correctly record and explain transactions to enable a true and fair financial statement to be prepared; and - (ii) is signed by the association’s president or treasurer.