Reporting requirements for tier 2 and 3 associations
Tier 2 and tier 3 associations must prepare a financial report containing financial statements and notes that comply with the accounting standards.
Qualifications of reviewers and auditors
The regulations set out the qualifications for reviewers and auditors.
A review must be conducted by an independent person who is:
- a member of Chartered Accountants Australia and New Zealand (CA or FCA), CPA Australia (CPA or FCPA) or Institute of Public Accountants (MIPA or FIPA); or
- a registered company auditor; or
- approved by the Commissioner.
An audit must be conducted by an independent person who is:
- a member of Chartered Accountants Australia and New Zealand (CA or FCA) that holds a current Certificate of Public Practice; or
- a member of CPA Australia (CPA or FCPA) or Institute of Public Accountants (MIPA or FIPA) that holds a Public Practice Certificate; or
- a registered company auditor; or
- approved by the Commissioner.
More information
Incorporated associations who fall into Tier 2 and 3 and their auditors and reviewers have specific responsibilities under the Associations Incorporation Act 2015. More information about these responsibilities is available from:
- Working with reviewers and auditors for tier 2 and 3 associations
- Information for reviewers and auditors for tier 2 and 3 associations
The Accounts and auditing chapter in the INC guide covers the financial requirements under the act in more detail. It includes further information about the tiered financial reporting.