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Can my society use internal auditors, or must it appoint a qualified company auditor to audit the accounts?

Updated by ROS

The society may use internal auditors if its constitution permits this and its gross income and gross expenditure do not exceed $500,000 for the financial year.

If either the society's gross income or gross expenditure exceeds $500,000 for the financial year, its accounts must be audited by a qualified company auditor under Section 4 of the Societies Regulations, regardless of the auditing requirements in its constitution.

For more information, refer to Statement of Accounts .

Topics:

Annual Returns & Accounts

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