Owners Corporations Act 2006
35Audit of financial statements of owners corporations
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35 Audit of financial statements of owners corporations
(1) A tier one owners corporation must, after the end of each financial year, cause its financial statements to be audited by—
(a) a registered company auditor; or
(b) a firm of registered company auditors; or
(c) a person who is—
(i) a member of CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand; and
(ii) authorised to conduct the audit by CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand.
(2) A tier two owners corporation must, after the end of each financial year, cause its financial statements to be reviewed by an independent person who is a member of, and holds a current practising certificate from—
(a) CPA Australia; or
(b) the Institute of Public Accountants; or
(c) Chartered Accountants Australia and New Zealand.
(3) Despite subsection (2), a tier two owners corporation, at its annual general meeting, may resolve that its financial statements are to be audited after the end of the financial year in accordance with subsection (1).
(4) A tier three owners corporation, at its annual general meeting, may resolve that its financial statements are to be audited in accordance with subsection (1) or reviewed by an independent person in accordance with subsection (2) after the end of the financial year.
(5) A tier four owners corporation, or a tier five owners corporation, at its annual general meeting, may resolve that its financial statements are to be audited in accordance with subsection (1) or reviewed by an independent person in accordance with subsection (2) after the end of the financial year.
(6) A person who audits the financial statements of an owners corporation must provide the owners corporation with a written report of the audit.
(7) A person who conducts a review of the financial statements of an owners corporation must provide the owners corporation with a written report of the review.
(8) A person must not be engaged to audit or review the financial statements of an owners corporation under this section if the person has a direct or indirect personal or financial interest in the owners corporation.
S. 35A inserted by No. 4/2021 s. 18.