Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies to the following—
(a) a level 1 incorporated association;
(b) a level 2 incorporated association, if the association is required to have an audit conducted under the Collections Act 1966, the Gaming Machine Act 1991 or under any law for any other purpose;
(c) a level 3 incorporated association, if the association is required to have an audit conducted under the Collections Act 1966, the Gaming Machine Act 1991 or under any law for any other purpose.
(2) The members of the management committee of the incorporated association must ensure the association, within 6 months after the end date of each financial year—
(a) prepares a financial statement for its last reportable financial year; and
(b) has the financial statement audited by—
(i) for a level 1 incorporated association—an auditor or an accountant; or
(ii) for a level 2 or level 3 incorporated association mentioned in subsection (1)(b) or (c)—an auditor, an accountant, or an approved person; and
(c) presents the financial statement and the signed report on the audit (audit report) to the association's annual general meeting for adoption.
Maximum penalty—
(a) for each member of the management committee of a level 1 incorporated association—20 penalty units; or
(b) for each member of the management committee of a level 2 or level 3 incorporated association—10 penalty units.
(3) Within 1 month after the financial documents mentioned in subsection (2)(c) are presented to the association's annual general meeting, the following must be lodged with the chief executive—
(a) a copy of the financial statement for the reportable financial year—
(i) as adopted at the annual general meeting, signed and dated by the president or treasurer of the association; or
(ii) as presented to the annual general meeting, if it is not adopted at the meeting, signed and dated by the president or treasurer of the association;
(b) a copy of the signed audit report;
(c) a return in the approved form;
(d) the fee prescribed under a regulation.
(4) If subsection (3) is not complied with, each of the following commit an offence—
(a) the secretary of the incorporated association;
(b) the president of the incorporated association;
(c) the treasurer of the incorporated association.
Maximum penalty—4 penalty units.
(5) A person must not audit a financial statement for an incorporated association if the person is—
(a) the secretary, or a member of the management committee, of the incorporated association; or
(b) an employee of the incorporated 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 incorporated 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).
Maximum penalty—10 penalty units.
(6) A person who is a partner in an unincorporated body must not audit a financial statement for an incorporated association if subsection (5) prohibits any of the partners of the unincorporated body from auditing the financial statement.
Maximum penalty for subsection (6)—10 penalty units.
Example for subsection (6)—
A and B are partners in an accounting firm. A can not conduct an audit because, under subsection (5)(a), A is a member of the association's management committee. B also can not conduct an audit because of subsection (6).