Associations financial reporting

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Reporting requirements for tier 2 and 3 associations

Tier 2 and tier 3 associations must prepare a financial report containing financial statements and notes that comply with the accounting standards.

Qualifications of reviewers and auditors

The regulations set out the qualifications for reviewers and auditors. 

A review must be conducted by an independent person who is:

  • a member of Chartered Accountants Australia and New Zealand (CA or FCA), CPA Australia (CPA or FCPA) or Institute of Public Accountants (MIPA or FIPA);
  • a registered company auditor; or
  • approved by the Commissioner.

An audit must be conducted by an independent person who is:

  • a member of Chartered Accountants Australia and New Zealand (CA or FCA) that holds a current Certificate of Public Practice;
  • a member of CPA Australia (CPA or FCPA) or Institute of Public Accountants (MIPA or FIPA) that holds a Public Practice Certificate;
  • a registered company auditor; or
  • approved by the Commissioner.

More information

Incorporated associations who fall into Tier 2 and 3 and their auditors and reviewers have specific responsibilities under the Associations Incorporation Act 2015. More information about these responsibilities is available from:

  1. Working with reviewers and auditors for tier 2 and 3 associations
  2. Information for reviewers and auditors for tier 2 and 3 associations

Inc Guide: Accounts and auditing

The Accounts and auditing chapter in the INC guide covers the financial requirements under the act in more detail.  It includes further information about the tiered financial reporting

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