Saturday, September 26, 2020

Owners Corporation Act 2006

Part 3
Division 2
Section 35

Audit of accounts of owners corporations | Section 35

(1)     An owners corporation at its annual general meeting may resolve that its financial statements are to be audited after the end of the financial year by—

(a)     a registered company auditor; or

(b)     a firm of registered company auditors; or

S. 35(1)(c) amended by Nos 2/2008 s. 13, 36/2011 s. 6.

(c)     a person who is a member of CPA Australia, the Institute of Public Accountants or the Institute of Chartered Accountants in Australia; or

(d)     any other person who is approved by the Director as an auditor of the financial statements of the owners corporation for the purposes of this section.

(2)     A prescribed owners corporation must, after the end of each financial year cause its financial statements to be audited by—

(a)     a registered company auditor; or

(b)     a firm of registered company auditors; or

S. 35(2)(c) amended by Nos 2/2008 s. 13, 36/2011 s. 6.

(c)     a person who is a member of CPA Australia, the Institute of Public Accountants or the Institute of Chartered Accountants in Australia; or

(d)     any other person who is approved by the Director as an auditor of the financial statements of the owners corporation for the purposes of this section.

(3)     A person who audits the accounts of an owners corporation must provide the owners corporation with a written report of the audit.

(4)     A person may not be appointed as auditor of the accounts of the owners corporation for the purposes of this section if the person has a direct or indirect personal or financial interest in the owners corporation.

(5)     The Director may grant approval to a suitably qualified person or class of suitably qualified persons (other than a person referred to in subsection (4)) to audit the accounts of an owners corporation or a class of owners corporations.

(6)     An owners corporation may apply in writing to the Director for an exemption from the requirements of subsection (2).

(7)     The Director may grant the exemption subject to any conditions the Director thinks fit.

(8)     The Director may at any time, by notice in writing, vary or revoke an exemption under this section.

© State of Victoria (Consumer Affairs Victoria). For the latest information please go to https://www.legislation.vic.gov.au/in-force/acts/owners-corporations-act-2006/017

Disclaimer: Reproduced from the Owners Corporation Act 2006. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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