sec.47Audit of association’s accounts— Act , s 135

sec.47 Audit of association’s accounts— Act , s 135

For section 135 (1) of the Act , the person auditing the accounts of an association must be— appointed to carry out the audit by the association at an annual general meeting or special meeting of the association; and a suitably qualified person; and to the extent practicable, a member of the local community aware of the activities of the association. However, if the person is a member of the association, the person may audit the association’s accounts only with the approval of the chief executive. The person must examine records of collections and payments, cashbooks, minutes of meetings and other records of the association the person considers appropriate. Also, the person must verify with financial institutions with which the association has accounts (the financial accounts ) the financial balance held or owing at the end of the relevant financial year, so as to be able to certify whether or not in the person’s opinion— the association’s financial statements are— in agreement with the financial accounts; and in a form that complies with the chief executive’s requirements for the keeping of accounts by an association; and the financial statements have been prepared to present a true and fair view of the association’s transactions for the relevant financial year, and the association’s financial position at the end of that year, on a basis consistent with the basis for preparing the association’s financial statements for the preceding financial year. In this section— public sector entity see the Auditor-General Act 2009 , schedule . suitably qualified person means any of the following persons— a member of CPA Australia Ltd ACN 008 392 452 entitled to use the letters ‘CPA’ or ‘FCPA’; a member of Chartered Accountants Australia and New Zealand ARBN 084 642 571 entitled to use the letters ‘CA’ or ‘FCA’; a member of the Institute of Public Accountants Ltd ACN 004 130 643 entitled to use the letters ‘MIPA’ or ‘FIPA’; an employee of a public sector entity who has the commercial skills and experience to audit the accounts of an association; an employee of an insurance company, financial institution or other financial or commercial organisation who has the commercial skills and experience to audit the accounts of an association. s 47 amd 2019 SL No. 170 s 4 (sec.47-ssec.1) For section 135 (1) of the Act , the person auditing the accounts of an association must be— appointed to carry out the audit by the association at an annual general meeting or special meeting of the association; and a suitably qualified person; and to the extent practicable, a member of the local community aware of the activities of the association. (sec.47-ssec.2) However, if the person is a member of the association, the person may audit the association’s accounts only with the approval of the chief executive. (sec.47-ssec.3) The person must examine records of collections and payments, cashbooks, minutes of meetings and other records of the association the person considers appropriate. (sec.47-ssec.4) Also, the person must verify with financial institutions with which the association has accounts (the financial accounts ) the financial balance held or owing at the end of the relevant financial year, so as to be able to certify whether or not in the person’s opinion— the association’s financial statements are— in agreement with the financial accounts; and in a form that complies with the chief executive’s requirements for the keeping of accounts by an association; and the financial statements have been prepared to present a true and fair view of the association’s transactions for the relevant financial year, and the association’s financial position at the end of that year, on a basis consistent with the basis for preparing the association’s financial statements for the preceding financial year. (sec.47-ssec.5) In this section— public sector entity see the Auditor-General Act 2009 , schedule . suitably qualified person means any of the following persons— a member of CPA Australia Ltd ACN 008 392 452 entitled to use the letters ‘CPA’ or ‘FCPA’; a member of Chartered Accountants Australia and New Zealand ARBN 084 642 571 entitled to use the letters ‘CA’ or ‘FCA’; a member of the Institute of Public Accountants Ltd ACN 004 130 643 entitled to use the letters ‘MIPA’ or ‘FIPA’; an employee of a public sector entity who has the commercial skills and experience to audit the accounts of an association; an employee of an insurance company, financial institution or other financial or commercial organisation who has the commercial skills and experience to audit the accounts of an association.