Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 20

             (1)  A Commonwealth authority must keep accounting records that properly record and explain its transactions and financial position and must keep those records in a way that:

                     (a)  enables the preparation of the financial statements required by this Act; and

                     (b)  allows those financial statements to be conveniently and properly audited in accordance with this Act.

             (2)  The authority must retain the records for at least 7 years after completion of the transactions to which they relate.

             (3)  The authority must make the records available at all reasonable times for inspection by any director of the authority.

             (4)  An officer of the authority contravenes this subsection if the officer:

                     (a)  causes subsection (1), (2) or (3) to be contravened; or

                     (b)  fails to take all reasonable steps to comply with, or secure compliance with, subsection (1), (2) or (3).

Note:          This subsection is a civil penalty provision (see Schedule 2).

             (5)  An officer of the authority commits an offence if the officer contravenes subsection (4) and the contravention is dishonest.

Penalty for a contravention of this subsection: 2,000 penalty units or imprisonment for 5 years, or both.