43Financial statements

#### 43 Financial statements 43 Financial statements > > (1) As soon as practicable after the end of each financial year, the committee of a Tier 1 association— > > > > > (a) must cause financial statements for that year to be prepared in relation to the association’s financial affairs (including its affairs as trustee of any trust), and > > > > > (b) must cause the financial statements to be audited in time for them to be submitted to the association’s next annual general meeting. > > > > Maximum penalty—5 penalty units. > > > (2) The financial statements must be prepared in accordance with the Australian Accounting Standards and must deal with such matters as are prescribed by the regulations. > > > (3) The auditor’s report— > > > > > (a) must be prepared in accordance with the Australian Auditing Standards, and > > > > > (b) must state whether the association has kept such financial records as are necessary to enable financial statements to be prepared in accordance with the Australian Accounting Standards.