276Audit of annual financial report

276 Audit of annual financial report

276 Audit of annual financial report

(1) Large co-operative—audit to be conducted in accordance with applied provisions of Corporations Act

(cf Corporations Act s 301 (1))

A large co-operative must have the financial report for a financial year audited in accordance with Division 3 of Part 2M.3 of the Corporations Act (as applying under section 283) and obtain an auditor’s report.

(2) Small co-operative—where audit not required

(cf Corporations Act s 301 (2))

A small co-operative’s financial report for a financial year does not have to be audited if—

(a) the report is prepared in response to a direction under section 271 or 272; and

(b) the direction did not ask for the financial report to be audited.

(3) Small co-operative—where manner of required audit is specified in direction If a small co-operative’s financial report for a financial year is prepared in response to a direction under section 271 or 272 and the direction asked for the financial report to be audited—

(a) in accordance with Division 3 of Part 2M.3 of the Corporations Act (as applying under section 283); or

(b) in some other specified manner;

the co-operative must have the financial reported audited as directed and obtain an auditor’s report.

(4) Small co-operative—where manner of required audit is not specified in direction If a small co-operative’s financial report for a financial year is prepared in response to a direction under section 271 or 272 and the direction asked for the financial report to be audited without specifying the manner in which the audit is to be conducted, the co-operative must have the financial report audited in accordance with Division 3 of Part 2M.3 of the Corporations Act (as applying under section 283) and obtain an auditor’s report.