South Australian Current Acts South Australian Current Acts (1) Subject to
subsection (4), a community corporation must have the annual statement of
accounts audited unless it is exempted from this requirement by the
regulations.
(2) The auditor must
be a registered company auditor within the meaning of the
Corporations Act 2001 of the Commonwealth.
(3) A member of the
corporation and any person who has a personal or pecuniary interest in the
results of an audit must not be appointed as auditor.
(4) An annual
statement of accounts in respect of a financial year need not be audited in
any of the following circumstances:
(a)
if—
(i)
the aggregate of the contributions made or to be made by
members of the corporation in respect of that year does not exceed the amount
prescribed by regulation; and
(ii)
the balance standing to the credit of the administrative
fund and the sinking fund at the commencement of that year does not exceed the
amounts prescribed by regulation;
(b) if
all community lots are owned by the same person;
(c)
if—
(i)
the community scheme consists only of lots used for
residential purposes; and
(ii)
there are not more than 6 community lots; and
(iii)
the community corporation, by unanimous resolution,
resolves not to have the statement of accounts for that financial year
audited.