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Contents (2009 - 7)
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Associations Incorporation Act 2009 No 7
Current version for 31 October 2018 to date (accessed 11 December 2018 at 17:35)
Part 5 Division 3
Division 3 General
50   Keeping of accounts and minutes of proceedings
(1)  An association:
(a)  must keep records that correctly record and explain its financial transactions and financial position, and
(b)  must keep minutes of the proceedings of its committee meetings and general meetings.
Maximum penalty: 5 penalty units.
(2)  In the case of a Tier 1 association within the meaning of Division 1, the records referred to in subsection (1) (a) must be sufficient to enable financial statements to be prepared in accordance with the Australian Accounting Standards.
(3)  If any document required to be kept under this section is, either in whole or in part, in a language other than the English language, a copy of the document wholly in the English language must be kept with the document.
(4)  The regulations may make provision for or in respect of the keeping and inspection of records and minutes under this section.
51   Audit at the Secretary’s direction
(1)  The Secretary may direct an association to cause the whole or any specified part of an association’s financial records to be audited, and an auditor’s report lodged with the Secretary, within a specified time.
(2)  Such a direction may be given regardless of whether the financial records have previously been audited.
(3)  An association to which such a direction is given must ensure that the direction is complied with.
Maximum penalty: 5 penalty units.
(4)  An auditor’s report under this section must state whether the association’s financial records:
(a)  have been properly kept, and
(b)  give a true and fair view of the association’s affairs.
52   Auditor to be qualified and independent
(1)  Subject to subsection (2), an audit under this Part must be carried out by:
(a)  a registered company auditor within the meaning of the Corporations Act 2001 of the Commonwealth, or
(b)  a person approved by the Secretary for the purposes of this Part, either generally or in relation to a specified association or class of associations, or a person who belongs to a class of persons so approved.
(2)  Except with the written approval of the Secretary, an audit under this Part may not be carried out by any person who is, or who has at any time within the last 2 years been:
(a)  a member of the association, or
(b)  an employee of, or provider of professional services (other than audit services) to, the association or to a committee member or public officer of the association.
53   Power of Secretary to grant exemptions
(1)  The Secretary may, by order in writing, exempt an association or any class of associations, from the requirements of this Part in relation to the preparation and auditing of financial statements.
(2)  Any such exemption:
(a)  may be given subject to conditions, and
(b)  may be limited as to time, and
(c)  may be varied, suspended or revoked by the Secretary by a further order in writing.
(3)  An order under this section takes effect:
(a)  if it applies to a particular association, when the order is served on the association, or
(b)  if it applies to a class of associations, when the order is published in the Gazette.