Victorian Numbered Acts

OWNERS CORPORATIONS AND OTHER ACTS AMENDMENT ACT 2021 (NO. 4 OF 2021) - SECT 18

For section 35 of the Owners Corporations Act 2006 substitute —

        "     35     Audit of financial statements of owners corporations

    (1)     A tier one owners corporation must, after the end of each financial year, cause its financial statements to be audited by—

        (a)     a registered company auditor; or

        (b)     a firm of registered company auditors; or

        (c)     a person who is—

              (i)     a member of CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand; and

              (ii)     authorised to conduct the audit by CPA Australia, the Institute of Public Accountants or Chartered Accountants Australia and New Zealand.

    (2)     A tier two owners corporation must, after the end of each financial year, cause its financial statements to be reviewed by an independent person who is a member of, and holds a current practising certificate from—

        (a)     CPA Australia; or

        (b)     the Institute of Public Accountants; or

        (c)     Chartered Accountants Australia and New Zealand.

    (3)     Despite subsection (2), a tier two owners corporation, at its annual general meeting, may resolve that its financial statements are to be audited after the end of the financial year in accordance with subsection (1).

    (4)     A tier three owners corporation, at its annual general meeting, may resolve that its financial statements are to be audited in accordance with subsection (1) or reviewed by an independent person in accordance with subsection (2) after the end of the financial year.

    (5)     A tier four owners corporation, or a tier five owners corporation, at its annual general meeting, may resolve that its financial statements are to be audited in accordance with subsection (1) or reviewed by an independent person in accordance with subsection (2) after the end of the financial year.

    (6)     A person who audits the financial statements of an owners corporation must provide the owners corporation with a written report of the audit.

    (7)     A person who conducts a review of the financial statements of an owners corporation must provide the owners corporation with a written report of the review.

    (8)     A person must not be engaged to audit or review the financial statements of an owners corporation under this section if the person has a direct or indirect personal or financial interest in the owners corporation.

        35A     Exemption from requirement to audit financial statements

    (1)     A tier one owners corporation may apply in writing to the Director for an exemption from the requirement to audit its financial statements under section 35(1).

    (2)     The Director may grant an exemption under subsection (1) subject to any conditions the Director thinks fit.

    (3)     The Director, at any time, by notice in writing, may vary or revoke an exemption granted under subsection (2).".