Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 37

             (1)  Subject to subsection (4), the directors of a Commonwealth company must do whatever is necessary to ensure that all relevant subsidiary's financial statements are audited by the Auditor‑General.

             (2)  For a subsidiary that is a Corporations Act company that, under the Corporations Act 2001 , is required to have financial statements audited, the Auditor‑General's report must be prepared using the relevant rules in the Corporations Act 2001 . Those rules must also be used for other subsidiaries, so far as is practicable.

             (3)  The directors of the Commonwealth company must give the report to the responsible Minister, together with a copy of the relevant subsidiary's financial statements.

             (4)  Relevant financial statements of a subsidiary do not have to be audited by the Auditor‑General if:

                     (a)  the subsidiary is incorporated or formed in a place outside Australia; and

                     (b)  either:

                              (i)  under the law applying to the subsidiary in that place, the Auditor‑General cannot be appointed as auditor of the subsidiary; or

                             (ii)  in the Auditor‑General's opinion, it is impracticable or unreasonable for the Auditor‑General to audit, or to be required to audit, the statements.

             (5)  In this section:

"relevant subsidiary's financial statements" , in relation to a Commonwealth company, means financial statements of an entity for an annual accounting period of the entity, where the entity is a subsidiary of the company at the end of that accounting period.