158Audit of financial statements etc

158 Audit of financial statements etc (1) A licensee must, as soon as practicable (but not later than 6 months) after the end of each financial year of the licensee— (a) if the licensee’s gross revenue for all authorised premises for the year is at least $200 000— (i) ensure that the licensee’s financial statements for the year are audited by a qualified accountant; and (ii) ensure that the audited financial statements identify the licensee’s gross revenue for all authorised premises during the year; and (b) if the licensee’s gross revenue for all authorised premises for the year is less than $200 000— (i) prepare an income and expenditure statement for the year that identifies the licensee’s gross revenue for all authorised premises during the year; and (ii) certify that the statement is true; and (c) give the commission a copy of the audited financial statements or certified income and expenditure statement. Note Gross revenue—see the dictionary.

(2) The audited financial statements or certified income and expenditure statement must be accompanied by— (a) if the licensee is a club—a report stating the number of club members at the end of the relevant financial year and, if different classes of members exist, the number of members in each class; and Examples—classes of member life member, social member, voting member (b) any other details the commission requires in writing. qualified accountant means— (a) a member of the Institute of Chartered Accountants in Australia, the Institute of Public Accountants or the Australian Society of Certified Practising Accountants; or (b) a person registered as a registered company auditor under the Corporations Act.