When does the club need a review or audit?

• Tier 1 (under $500,000): not required by default. It is required only if a majority of members pass a resolution at a general meeting, or the Commissioner directs it. If a funding agreement or licence requires an audit, members must still pass a resolution at a general meeting to undertake one.
• Tier 2 ($500,000 up to under $3 million): an annual review is mandatory, and the review report is presented at each AGM. An audit is required only if a majority of members resolve it at a general meeting, or the Commissioner directs it.
• Tier 3 ($3 million or more): an annual audit is mandatory, and the audit report is presented at each AGM.

A review reports whether anything suggests the financial report does not comply with the Act. An audit involves gathering evidence about records and transactions and ends in a formal opinion on compliance.

Source: Consumer Protection WA, Tiered financial reporting (https://consumerprotection.wa.gov.au/inc-guide-incorporated-associations-western-australia/tiered-financial-reporting).