Accounts and audit requirements of an incorporated association

Curah - Shae Lawrie

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8 pages

English

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OFFICE OFASSOCIATIONS INCORPORATION ACT 1985 Consumer and Business AffairsSection 19Accounts and Audit Requirementsof an Incorporated AssociationThis information is intended to assist committee members and other personsinvolved in administering the affairs of their incorporated associations. Itexplains in general terms, some requirements of the AssociationsIncorporation Act, 1985 (hereafter referred to as “the Act”. It also providessuggestions on how problems that commonly occur might be avoided. It is notintended to be a document offering legal advice and no person should rely onits contents without first obtaining advice from a qualified professionalperson. References to section numbers in this brochure correspond to sections of the Act.ACCOUNTS REQUIREMENTSThe accounts and audit requirements of Division 2 of Part 4 apply to aprescribed association in relation to a financial year.1. ChecklistThe procedure for a prescribed association to enable its accountingobligations to be fulfilled would be as follows:(a) Accounts are prepared (clause 4).(b) Committee's statement is prepared (clause 5).(c) Committee's report is prepared (clause 6).(d) Accounts with the committee's statement attached are submitted to the auditor (clause 4).(e) Auditor's report is furnished to the committee (clause 12).(f) All of the above documents are laid before members at the AGM within five months after the end of the financial year (clause 7).(g) Annual (periodic) ...

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