43. Audit of annual financial statements for Commonwealth entities

(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.

(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.

(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.

(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.

Last updated: 15 January 2016