South Australian Current Acts South Australian Current Acts (1) An association
registered under this Part must keep proper accounting records of all its
financial transactions.
(2) An association
registered under this Part must prepare annually the following accounts—
(a) a
balance sheet giving a true and fair view of the assets and liabilities of the
association as at the end of the relevant accounting period; and
(b) a
statement of receipts and payments over the relevant accounting period.
(3) The association
must have the accounts prepared under subsection (2) audited by a
registered company auditor.
(4) The accounts and
accounting records to be kept and prepared under this section must conform
with the requirements of the Rules.
(5) An association
that fails to comply with a requirement of this section is guilty of an
offence.
Maximum penalty: $750.