Commonwealth Numbered Acts

PUBLIC GOVERNANCE, PERFORMANCE AND ACCOUNTABILITY ACT 2013 (NO. 123, 2013) - SECT 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.

             (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.

             (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.

             (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.