Incorporation Act audit of a Tier less than more than regard to member of 2009). Three entity, $20,000. $500,000; or the CPA or provided approval Trading complexity CAANZ has been obtained, Level one entity of the person (Associations requires an audit. or financial approved by Incorporation A level two entity Associations affairs of Reform Act 2012). requires an audit performing the the Corporate or verification of local Affairs the financial government may Commission. statements. Level functions. approve. three entity requires the president or For a tier one entity, treasurer of the an audit is required entity to verify the and can be financial conducted by a statements. person who is not member of the Member of a association, not a professional body partner, employer or (IPA, CAANZ, employee of a CPA) and the member of the holder of a PPC. association, and not Or Registered a partner of an Company Auditor employee of a (Associations member of the Incorporation Act association. For a 1981). tier two entity, an audit is required and can be a person who is a member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. For a tier three entity, an audit is required and can
Incorporation Act 2009). audit of a Tier Three entity, provided approval has been obtained, (Associations Incorporation Reform Act 2012). less than $20,000. Level one entity requires an audit. A level two entity requires an audit or verification of the financial statements. Level three entity requires the president or treasurer of the entity to verify the financial statements. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or Registered Company Auditor (Associations Incorporation Act 1981). more than $500,000; or Trading or Associations performing local government functions. For a tier one entity, an audit is required and can be conducted by a person who is not member of the association, not a partner, employer or employee of a member of the association, and not a partner of an employee of a member of the association. For a tier two entity, an audit is required and can be a person who is a member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. For a tier three entity, an audit is required and can member of CPA or CAANZ person approved by the Corporate Affairs Commission. regard to the complexity of the financial affairs of the may approve.
Who-can-audit-what-October-2015-table-format-for-all-statesv2-4-AB-EDIT.docx