The auditor of a prescribed association must be either a:
In January 2008, the threshold for a prescribed association increased from $200,000 to $500,000. Accordingly, the requirement for an association to engage a person specified under section 35 of the Act is now deemed essential.
For CBS to consider an approval under (d), the association would be required to provide, in writing, an explanation of the special circumstances which prevent them from engaging someone qualified as specified in (a) to (c) above. In addition, the proposed auditor would need to have significant experience in auditing, in particular entities that have had gross revenue in excess of $500,000 in a financial year. Please be aware that CBS will only approve an auditor under very special circumstances.
An application to the Commission seeking approval for a person to act as the auditor of a specified prescribed association should be made by the association and be accompanied by the prescribed fee (the fee may alter in July each year).
An application must be made in letter form by the prescribed association. Please contact this office on 131 882.
On the basis that an auditor must be in a position to perform his or her duties independently, the following persons are precluded from being appointed as an auditor:
- an officer
- a partner, employer or employee of an officer
- an employee
- a partner or employee of a prescribed association.
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Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
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