Queensland Consolidated Acts

ASSOCIATIONS INCORPORATION ACT 1981 - SECT 59AC

59AC Particular persons may not prepare audit report or verification statement

(1) A person must not audit a financial statement for an incorporated association under section 59AA , or prepare a verification statement for an incorporated association under section 59AB (3) (a) , if the person is—

(a) the secretary, or a member of the management committee, of the association; or

(b) an employee of the association; or

(c) a partner, employer or employee of the secretary, or a partner, employer or employee of a member of the management committee, of the association; or

(d) a spouse of a person mentioned in paragraph (a) , (b) or (c) ; or

(e) wholly or partly dependent on a person mentioned in paragraph (a) , (b) or (c) .

Penalty—

Maximum penalty—10 penalty units.

(2) A person who is a partner in an unincorporated body must not audit a financial statement for an incorporated association under section 59AA , or prepare a verification statement for an incorporated association under section 59AB (3) (a) , if subsection (1) prohibits any of the partners of the unincorporated body from auditing the financial statement, or preparing the verification statement.

Penalty—

Maximum penalty—10 penalty units.

Example for subsection (2)—

A and B are partners in an accounting firm. A is a member of the association’s management committee. A can not conduct an audit because of subsection (1) . B also can not conduct an audit because of subsection (2) .