Auditor, Reviewer or Examiner Requirements Type of Entity Audit, Review or Auditor or Reviewer Requirements NSW VIC QLD NT WA SA TAS Solicitor trust accounts External Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or be a Registered Company Auditor. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or be a Registered Company Auditor. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. IPA members must have the designation MIPA or FIPA and have completed tertiary study in auditing. Or be a Registered Company Auditor. External examiner must be a designated person appointed by the Law Society of NT. External examiner must be a designated accountant who is either a Registered Company Auditor or an employee or agent of the Board appointed by the Law Society of WA. The Law Society of South Australia can designate a person to be appointed as an external examiner. To apply the applicant must be a principal in an accounting practice in SA who has completed the Basic Solicitor’s Trust Account Audit Course conducted by the Law Society of South Australia and be a member of the IPA, CPA or CAANZ. Or be a Registered Company Auditor. External examiner must be a designated person appointed by the Tasmanian Law Society. Real Estate Agent Trust Account NSW Audit Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or be a Registered Company Auditor. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or be a Registered Company Auditor. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or be a Registered Company Auditor. A Registered Company Auditor. A Registered Company Auditor. A Registered Company Auditor. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or be a Registered Company Auditor. Accountant’s Trust Accounts Audit Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. on
Incorporation Act 2009). audit of a Tier Three entity, provided approval has been obtained, (Associations Incorporation Reform Act 2012). less than $20,000. Level one entity requires an audit. A level two entity requires an audit or verification of the financial statements. Level three entity requires the president or treasurer of the entity to verify the financial statements. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Or Registered Company Auditor (Associations Incorporation Act 1981). more than $500,000; or Trading or Associations performing local government functions. For a tier one entity, an audit is required and can be conducted by a person who is not member of the association, not a partner, employer or employee of a member of the association, and not a partner of an employee of a member of the association. For a tier two entity, an audit is required and can be a person who is a member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. For a tier three entity, an audit is required and can member of CPA or CAANZ person approved by the Corporate Affairs Commission. regard to the complexity of the financial affairs of the may approve.
be a member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC. Co-operatives Audit or review depending on size Co-operatives are classified as either small or large. A small can choose to have an audit or review of its financial statements by an auditor or reviewer or choose not to have a review or audit. A large must have an audit conducted by a Registered Company Auditor. Co-operatives are classified as either small or large. A small can choose to have an audit or review of its financial statements by an auditor or reviewer or choose not to have a review or audit. A large must have an audit conducted by a Registered Company Auditor. Section 231(1) of the Queensland Cooperatives Act 1997 (the Act) a cooperative must prepare accounts and have them audited by a Registered Company Auditor. Co-operatives are classified as either small or large. A small co-operative can choose to have an audit or review of its financial statements by an auditor or reviewer or choose not to have a review or audit. A large co-operative must have an audit conducted by a Registered Company Auditor. Co-operatives are classified as either small or large. A small co-operative can choose to have an audit or review of its financial statements by an auditor or reviewer or choose not to have a review or audit. A large co-operative must have an audit conducted by a Registered Company Auditor. Co-operatives are classified as either small or large. A small can choose to have an audit or review of its financial statements by an auditor or reviewer or choose not to have a review or audit. A large must have an audit conducted by a Registered Company Auditor. Large Proprietary Company (Corporations Act) Audit Registered Company Auditor.
Company Limited by Guarantee (Corporations Act) Audit or Review depending on Tier type. 3 tiers: Tier 1 – Revenue <$250,000 Tier 2 – Revenue <$1million but > $250,000; or Tier 3 – Revenue > $1million. Audit/review requirements: Tier 1 – no review or audit required. Tier 2 – audit or review. Tier 3 – audit required. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC who is not an RCA may conduct a review of a Tier 1 or Tier 2 entity. Charities Audit or Review depending on Under the Australian Charities and Not-for-profits Commission Act 2012 (Cth), charities reporting requirements are dependent on their classification as either small, medium or large charities. Small Charity – Revenue <250,000 Medium Charity – Revenue <$1million but >$250,000; or Large Charity – Revenue >$1million. Audit/review requirements: Small Charity – no audit or review required unless required by the constitution. Medium Charity – audit or review; or Large Charity – audit. Member of a professional body (IPA, CAANZ, CPA) and the holder of a PPC who is not an RCA may conduct a review of a Small Charity (where required) or a Medium Charity. Publicly listed entity Audit and half-year review. Registered Company Auditor.