Document ID: chunk:federal_register_of_legislation:F2025L00184:reg:17
Version: federal_register_of_legislation:F2025L00184
Segment Type: reg
Provision Reference: reg 17
Character Range: 22626–24657

17  Audits
 (1) In relation to each *financial year, a community charity must arrange for a registered company auditor (within the meaning of the Corporations Act 2001) to audit (in accordance with this section):
 (a) the financial report of the charity; and
 (b) compliance with this instrument by the charity and the trustee or corporate director.
Penalty: 10 penalty units.

 (2) Despite subsection (1), if the trustee of a community charity trust is the public trustee of a State or Territory, it may have the Auditor‑General of that State or Territory undertake the audit.

 (3) Despite subsection (1) and unless the Commissioner, by written notice, provides otherwise in relation to a particular community charity, a charity that meets both of the following in respect of a *financial year:
 (a) revenue of less than $3 million;
 (b) assets of less than $3 million;
may instead have its financial report, and compliance with this instrument, for that year reviewed rather than audited.

 (4) A reviewer must also be a registered company auditor (within the meaning of the Corporations Act 2001). However, an individual who is taken to be a registered company auditor under section 324BE of the Corporations Act 2001 is also taken to be a registered company auditor for the purpose of this subsection.
Note Section 324BE has the effect of widening the class of individuals who can undertake a review to include all members of a professional accounting body.

 (5) The auditor or reviewer must undertake the audit or review, and provide the relevant community charity with a report, in accordance with the *auditing standards.

 (6) The audit or review must be finalised before the charity is required to give to the Commissioner the charity's *income tax return for the relevant *financial year.

 (7) The charity must make the report available to the Commissioner on request, unless the report has already been given to the Commissioner of the Australian Charities and Not‑for‑profits Commission.
Penalty: 10 penalty units.