You do not have to use an Auditor unless the club’s CONSTITUTIUON STATES that it is a requirement of the club, or are classified as a LARGE Association or you operate poker machines.
The ACT states that You only need to use an Auditor if you have current assets totalling more than $1 million or annual revenue more than $500,000. This is a LARGE Association.
MEDIUM Associations must appoint a certified accountant or registered auditor or apply to appoint an approved person to audit or verify their financial statements. MEDIUM Associations have current assets totalling between $300,000 and/or $1 million, or annual revenue between $150,000 and $500,000.
SMALL aassociations must have an audit if required to under any law, including the Gaming machine Act—for example, if you have pokies. In all other cases verification is enough unless your members specifically want an audit.
Your president or treasurer will need to verify your financial statements and provide this signed written statement:
“The association's financial records show the association keeps adequate financial records that correctly record and explain transactions and enable a true and fair financial statement to be prepared.”
SMALL Associations have current assets totalling less than $300,000 and annual revenue less than $150,000.
Your total revenue is your total income during the last financial year before any expenses are deducted.
Your current assets are any assets easily converted into cash, such as:
cash, including in bank accounts
shares
accounts receivable
short-term investments.
Property or any depreciable assets—for example, a car or machinery—aren't included in current assets.
Most clubs would probably classfied as SMALL Assocations.
