Public Governance, Performance and Accountability Act 2013

CHAPTER 3 - COMMONWEALTH COMPANIES  

PART 3-2 - PLANNING AND ACCOUNTABILITY  

Division 3 - Reporting and accountability  

SECTION 99   AUDIT OF SUBSIDIARY ' S FINANCIAL STATEMENTS  

99(1)    
This section applies in relation to a Commonwealth company that has a subsidiary at the end of the reporting period for the subsidiary.

99(2)    
The directors of the Commonwealth company must ensure that all the subsidiary ' s financial statements for a reporting period of the subsidiary are audited.

99(3)    
The subsidiary ' s financial statements must be audited by the Auditor-General unless:

(a)    the subsidiary is incorporated or formed in a place outside Australia; and

(b)    either:

(i) under the law applying to the subsidiary in that place, the Auditor-General cannot be appointed as auditor of the subsidiary; or

(ii) in the Auditor-General ' s opinion, it is impracticable or unreasonable for the Auditor-General to audit, or to be required to audit, the statements.

99(4)    
For a subsidiary that is a Corporations Act company that, under the Corporations Act 2001 , is required to have those statements audited, the Auditor-General ' s report on the subsidiary ' s financial statements must be prepared using the relevant rules in the Corporations Act 2001 . Those rules must also be used for other subsidiaries, so far as is practicable.

99(5)    
The directors of the Commonwealth company must give the report of the auditor to the responsible Minister (whether or not the auditor is the Auditor-General), together with a copy of the subsidiary ' s financial statements.