Auditors |
Your incorporated association´s financial statements can be audited or verified by:
- a person registered as an auditor under the Commonwealth Corporations Act 2001
- a member of CPA Australia who is entitled to use the letters CPA or FCPA
- a member of The Institute of Chartered Accountants in Australia who is entitled to use the letters CA or FCA
- a member of the National Institute of Accountants who is entitled to use the letters MNIA, FNIA, PNA or FPNA.
If your auditor or verifier does not fit any of these categories, the President, Treasurer or Secretary of a level 2 or 3 incorporated associations may lodge Associations Incorporation Form 21 - Application for approval to conduct audit or provide verification statement (PDF, 244 KB).
Your auditor or verifier cannot be:
- a member of your incorporated association´s management committee
- an employee of the incorporated association
- a business partner, employer or employee of a management committee member
- a spouse or dependant of any of the above.
The model rules require an incorporated association to appoint its auditor or verifier for the present financial year.
You will need to provide your auditor or verifier with:
- cash receipts
- register of receipt books
- receipt books containing duplicates of issued receipts
- unused receipt books
- duplicate bank deposit slips
- cash receipts journal
- cash payments
- vouchers for payments made in chronological order
- cheque butts (used, unused and cancelled)
- cash payments journal
- cash at bank
- ledger account (if applicable)
- bank statements for the year, plus one month before and one month after
- bank reconciliations for financial year, and from the previous financial year
- petty cash
- petty cash vouchers
- petty cash summary
- depreciable assets
- register of all non-current assets including any additions or disposals that occurred during the financial year
- documentation supporting disposals
- accounts receivable
- list of all amounts due at end of financial year
- indication of number of days account has been outstanding and when payment is expected
- liabilities
- list of all amounts owing at end of financial year
- list of loans payable, to banks or otherwise, including interest rates, principal outstanding and repayments
- minute books
- a copy of your incorporated association rules
- register of members
- any other documentation the auditor or verifier requests.
Last reviewed 01/07/2011 |
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