Inc. - A Guide for Incorporated Associations > Accounts and auditing > 5. Key points

5. Key points

Accounts and auditing

An incorporated association must keep accurate and up-to-date financial records.
An incorporated association must present the financial statements to the members at an AGM.
Financial statements do not have to be audited. However, this is advisable as it makes for responsible financial management. Moreover, some funding bodies may require financial statements to be audited.
The auditor is appointed by the members at the AGM.