Public Governance, Performance and Accountability Act 2013

CHAPTER 2 - COMMONWEALTH ENTITIES AND THE COMMONWEALTH  

PART 2-3 - PLANNING, PERFORMANCE AND ACCOUNTABILITY  

Division 7 - Australian Government financial reporting  

SECTION 49   AUDIT OF ANNUAL CONSOLIDATED FINANCIAL STATEMENTS  

49(1)    
As soon as practicable after receiving the annual consolidated financial statements under section 48 , the Auditor-General must:

(a)    examine the statements and prepare an audit report; and

(b)    give a copy of the report to the Finance Minister as soon as practicable after it is prepared.

49(2)    
In the audit report, the Auditor-General must state whether, in the Auditor-General ' s opinion, the annual consolidated financial statements:

(a)    comply with the accounting standards and any other requirements prescribed by the rules; and

(b)    present fairly the consolidated financial position, financial performance and cash flows.

If the Auditor-General is not of that opinion, the Auditor-General must state the reasons.

49(3)    
If the Auditor-General is of the opinion that a failure of the annual consolidated financial statements to comply with:

(a)    the accounting standards; or

(b)    any other requirements prescribed by the rules;

has a quantifiable financial effect, then the Auditor-General must quantify that financial effect and state the amount, where practicable.

49(4)    
The Finance Minister must cause a copy of the audit report to be tabled in each House of the Parliament as soon as practicable after receipt. The copy that is tabled must be accompanied by a copy of the annual consolidated financial statements.