(1) An auditor who
conducts an audit of financial statements or a financial report of an
incorporated association under this Part must form an opinion about the
following —
(a)
whether the financial statements satisfy, or the financial report satisfies,
the requirements of this Part;
(b)
whether the auditor has been given all information, explanations and
assistance necessary for the conduct of the audit;
(c)
whether the association has kept financial records sufficient to enable
financial statements or a financial report to be prepared and audited;
(d)
whether the association has kept other records as required by this Part.
(2) An auditor who
audits the financial statements or the financial report of an incorporated
association must report to the members of the association in accordance with
subsection (3).
Penalty: a fine of $5 500.
(3) The
auditor’s report must —
(a)
include a statement as to —
(i)
whether the auditor is of the opinion that the financial
statements are, or the financial report is, in accordance with this Part; and
(ii)
if not of that opinion, why not;
and
(b)
describe —
(i)
any defect or irregularity in the financial statements or
the financial report; and
(ii)
any deficiency, failure or shortcoming in respect of the
matters referred to in subsection (1)(b), (c) or (d);
and
(c)
include any statements or disclosures required by the auditing standards; and
(d)
specify the date on which it is made.
(4) If the auditor is
of the opinion that the financial statements have not, or the financial report
has not, been prepared in accordance with this Part, the auditor’s
report must —
(a) to
the extent that it is practicable to do so, quantify the effect that
non-compliance has on the financial statements or financial report; and
(b) if
it is not practicable to quantify the effect fully, say why.