10AAuditing requirements

10A Auditing requirements

[Section 10A Inserted by No. 27 of 2006, s. 9, Applied:18 Dec 2006]

(1)  The Union is to ensure that any financial accounts of the Union, including any accounts relating to the Union Trusts, are audited at least once each calendar year in accordance with this section.

(2)  The audit is to be carried out by a person who is a member of –

(a) the Institute of Chartered Accountants; or

(b) the Australian Society of Certified Practising Accountants; or

(c) [Section 10A Subsection (2) amended by No. 20 of 2013, s. 17, Applied:20 Jun 2013] the Institute of Public Accountants.

(3)  The auditor is to provide the Union with a certified copy of the audit stating whether or not the Union has –

(a) kept proper accounting records in respect of the Union Trusts; and

(b) kept such information as required to explain the financial transactions of the Union during the 12 months immediately preceding the audit.