sec.158Auditor’s report

sec.158 Auditor’s report

An auditor of a society must report to the members on the accounts required to be laid before the society at the annual general meeting and on the society’s accounting records and other records relating to the accounts. The auditor must state in the report— whether the accounts are in the auditor’s opinion properly prepared— so as to give a true and fair view of the matters required by section 139 to be dealt with in the accounts; and under this Act; and under applicable accounting standards; and if, in the auditor’s opinion, the accounts have not been prepared under a particular applicable accounting standard— whether, in the auditor’s opinion, the accounts would, if prepared under that standard, have given a true and fair view of the matters required by section 139 to be dealt with in the accounts; and if, in the auditor’s opinion, the accounts would not, if so prepared, have given a true and fair view of those matters—the reasons for the opinion; and if the directors have caused a statement to be attached to the accounts giving particulars of the quantified financial effect on the accounts of the failure to so prepare the accounts—the auditor’s opinion of the particulars; and if neither subparagraph (ii) nor (iii) applies—particulars of the quantified financial effect on the accounts of the failure to so prepare the accounts; and any defect or irregularity in the accounts and any matter not set out in the accounts without regard to which a true and fair view of the matters dealt with by the accounts would not be obtained; and if the auditor is not satisfied as to a matter mentioned in paragraph (a) or (b) —the reasons for not being satisfied. The auditor of a society has a duty to form an opinion on each of the following matters— whether the auditor has obtained all the information and explanations the auditor required; whether proper accounting records and other records, including registers, have been kept by the society as required by this Act. The auditor must state in the auditor’s report particulars of any deficiency, failure or shortcoming for any matter mentioned in subsection (3) . The auditor must give the auditor’s report to the society’s directors in sufficient time to enable the society to comply with the requirements of section 140 for the report. The auditor’s report— must be attached to or endorsed on the accounts; and if a member so requires—must be read before the society at the annual general meeting; and must be open to inspection by a member at any reasonable time. The auditor must, when giving the auditor’s report, also give the society’s directors a report as to— the adequacy, in the auditor’s opinion, of the systems adopted by the society to monitor and manage risks associated with its financial activities; and any other matter of a kind prescribed in a standard made for this subsection. When an auditor gives the society’s directors a report under subsection (7) , the auditor must also give the registrar a copy of the report. An auditor of a society must not contravene this section. Maximum penalty for subsection (9) —80 penalty units. s 158 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.158-ssec.1) An auditor of a society must report to the members on the accounts required to be laid before the society at the annual general meeting and on the society’s accounting records and other records relating to the accounts. (sec.158-ssec.2) The auditor must state in the report— whether the accounts are in the auditor’s opinion properly prepared— so as to give a true and fair view of the matters required by section 139 to be dealt with in the accounts; and under this Act; and under applicable accounting standards; and if, in the auditor’s opinion, the accounts have not been prepared under a particular applicable accounting standard— whether, in the auditor’s opinion, the accounts would, if prepared under that standard, have given a true and fair view of the matters required by section 139 to be dealt with in the accounts; and if, in the auditor’s opinion, the accounts would not, if so prepared, have given a true and fair view of those matters—the reasons for the opinion; and if the directors have caused a statement to be attached to the accounts giving particulars of the quantified financial effect on the accounts of the failure to so prepare the accounts—the auditor’s opinion of the particulars; and if neither subparagraph (ii) nor (iii) applies—particulars of the quantified financial effect on the accounts of the failure to so prepare the accounts; and any defect or irregularity in the accounts and any matter not set out in the accounts without regard to which a true and fair view of the matters dealt with by the accounts would not be obtained; and if the auditor is not satisfied as to a matter mentioned in paragraph (a) or (b) —the reasons for not being satisfied. (sec.158-ssec.3) The auditor of a society has a duty to form an opinion on each of the following matters— whether the auditor has obtained all the information and explanations the auditor required; whether proper accounting records and other records, including registers, have been kept by the society as required by this Act. (sec.158-ssec.4) The auditor must state in the auditor’s report particulars of any deficiency, failure or shortcoming for any matter mentioned in subsection (3) . (sec.158-ssec.5) The auditor must give the auditor’s report to the society’s directors in sufficient time to enable the society to comply with the requirements of section 140 for the report. (sec.158-ssec.6) The auditor’s report— must be attached to or endorsed on the accounts; and if a member so requires—must be read before the society at the annual general meeting; and must be open to inspection by a member at any reasonable time. (sec.158-ssec.7) The auditor must, when giving the auditor’s report, also give the society’s directors a report as to— the adequacy, in the auditor’s opinion, of the systems adopted by the society to monitor and manage risks associated with its financial activities; and any other matter of a kind prescribed in a standard made for this subsection. (sec.158-ssec.8) When an auditor gives the society’s directors a report under subsection (7) , the auditor must also give the registrar a copy of the report. (sec.158-ssec.9) An auditor of a society must not contravene this section. Maximum penalty for subsection (9) —80 penalty units.