New South Wales Consolidated Acts

COMMUNITY LAND MANAGEMENT ACT 2021 - SECT 99

99 Auditing of accounts and financial statements

(1) The association for a scheme for which the annual budget exceeds $250,000 (or another amount prescribed for the purposes of this section by the regulations), must ensure that the accounts and financial statements of the association are audited before presentation to the annual general meeting.

(2) The association for a scheme for which the annual budget does not exceed $250,000 may determine that the accounts and financial statements of the association are to be audited.

(3) An audit of the accounts and financial statements of an association under this section must be carried out in accordance with the Australian Auditing Standards.

(4) The regulations may specify the manner in which the annual budget of an association scheme is to be determined for the purposes of this section.

(5) In this section--

"Australian Auditing Standards" means the standards issued by the Auditing and Assurance Standards Board, as in force for the time being, and including any modifications prescribed by the regulations.