96Review of financial statements

96 Review of financial statements (1) Before the financial statements of a tier two association are submitted to the annual general meeting of the association, the committee must have the financial statements reviewed by an independent person who is— (a) a member of, and holds a current practising certificate from— (i) CPA Australia; or S. 96(1)(a)(ii) substituted by No. 1/2021 s. 3. (ii) Chartered Accountants Australia and New Zealand; or (iii) the Institute of Public Accountants; or (b) approved by the Registrar under subsection (4) to review the financial statements. (2) A person who conducts a review of the financial statements of the association for the purposes of subsection (1) must— (a) conduct the review in accordance with the Auditing Standards on Review Engagements; and (b) provide the association with a written report of the review. (3) The report provided under subsection (2)(b) must— (a) be prepared in accordance with Auditing Standards on Review Engagements; and (b) state whether the financial records kept by the association are such as to enable financial statements to be prepared in accordance with Australian Accounting Standards. (4) For the purposes of this section, the Registrar may approve a suitably qualified person or class of suitably qualified persons (other than a person who is not an independent person) to review the statements of a tier two association or a class of tier two associations. S. 96(5) inserted by No. 50/2014 s. 5. (5) A tier two association is not required to comply with subsection (1) if— (a) the rules of the association require financial statements prepared under section 95 to be audited in accordance with the Australian Auditing Standards before being submitted to the annual general meeting; and (b) the financial statements are audited in accordance with those requirements.