(1) The accounts of a charitable organisation in respect of a financial year (in this subsection referred to as the "relevant financial year") shall be audited not later than 9 months after the end of the relevant financial year by a qualified person if the gross income or total expenditure of the charitable organisation in -

(a) the relevant financial year,

(b) the financial year (if any) of the charitable organisation immediately preceding the relevant financial year, or

(c) the financial year (if any) of the charitable organisation immediately preceding the year referred to in paragraph (b),

exceeds such amount as may be prescribed.

(2) The Minister shall not prescribe an amount under subsection (1) greater than €500,000.

(3) Subject to subsection (4), the accounts of a charitable organisation (other than a charitable organisation to which subsection (1) applies) in respect of a financial year shall, at the election of the charity trustees, either -