Public Governance, Performance and Accountability Act 2013

CHAPTER 2 - COMMONWEALTH ENTITIES AND THE COMMONWEALTH  

PART 2-3 - PLANNING, PERFORMANCE AND ACCOUNTABILITY  

Division 4 - Financial reporting and auditing for Commonwealth entities  

SECTION 43   AUDIT OF ANNUAL FINANCIAL STATEMENTS FOR COMMONWEALTH ENTITIES  

43(1)    
As soon as practicable after receiving annual financial statements under section 42 for a Commonwealth entity, the Auditor-General must:

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

(b)    give the report to the entity ' s responsible Minister as soon as practicable after it is prepared.

43(2)    
In the audit report, the Auditor-General must state whether, in the Auditor-General ' s opinion, the annual financial statements:

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

(b)    present fairly the entity ' s financial position, financial performance and cash flows.

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


43(3)    
If the Auditor-General is of the opinion that a failure of the annual 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.


43(4)    
A copy of the annual financial statements and the Auditor-General ' s report must be included in the Commonwealth entity ' s annual report that is tabled in the Parliament.

Note:

See section 46 for the annual report.

 

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