Incorporated AssociationsVictoria (other than charities)Tier 1Total revenue less than $250,000 (or if declared by Registrar)No review or audit of financial statements required unless voted by majority members or directed by Registrar.Tier 2Total revenue greater than $250,000 and less than $1m (or if declared by Registrar)Financial statements must be reviewed unless voted by majority members or directed by Registrar to be audited.Tier 3Total revenue greater than $1m (or if declared by Registrar)Financial statements must be audited.Other states and territoriesCurrently each state and territory has its own legislation and regulator. The audit requirements also differ from state to state. For associations incorporated outside of Victoria, the requirements can be found on each individual regulators website.Saward Dawson can provide assistance determining the requirements for your organisation.Audit Guide – Do we need an audit?