99Audit of financial statements

99 Audit of financial statements (1) Before the financial statements of a tier three association are submitted to the annual general meeting of the association, the committee must have the financial statements audited in accordance with this section. (2) The audit must be conducted by an independent person who is— (a) a registered company auditor; or (b) a firm of registered company auditors; or (c) a member of, and holds a current practising certificate from— (i) CPA Australia; or S. 99(2)(c)(ii) substituted by No. 1/2021 s. 4. (ii) Chartered Accountants Australia and New Zealand; or (iii) the Institute of Public Accountants; or (d) approved by the Registrar under subsection (5) to audit the financial statements. (3) A person who audits the financial statements of a tier three association must— (a) conduct the audit in accordance with the Australian Auditing Standards; and (b) provide the association with a written report of the audit. (4) The report provided under subsection (3)(b) must— (a) be prepared in accordance with Australian Auditing Standards; 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. (5) 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 audit the statements of a tier three association or a class of tier three associations.