This chapter outlines the requirements under the Act in terms of accounting and auditing procedures.
Key points
- All incorporated associations must keep accurate and up-to-date financial records and present financial statements at each Annual General Meeting.
- Financial reporting requirements are based on a three tiered system with responsibilities increasing depending on an association's total annual revenue.
- The Act does not require all associations to audit their financial statements however there may be other reasons for an association to do so.