276Audit 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

Co-operatives (National Uniform Legislation) Act 2015 173 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.