LOCAL GOVERNMENT ACT 1993 - SECT 415
Auditing of financial reports
LOCAL GOVERNMENT ACT 1993 - SECT 415
Auditing of financial reports
415 Auditing of financial reports
(1) A council's auditor must audit the
council's financial reports as soon as practicable (having regard to the
requirements of section 416(1)) after they are referred for audit.
(2) A
council's financial reports must be audited in accordance with the
requirements of--
(a) the publications issued by the Australian Accounting
Research Foundation, on behalf of the Australian Society of Certified
Practising Accountants and the Institute of Chartered Accountants in
Australia, under the titles Statements of Auditing Standards and Statements of
Auditing Practice , as in force for the time being, subject to the
regulations, and
(b) such other standards as may be prescribed by the
regulations.
(3) The regulations may prescribe matters that an auditor must
consider and provide comment on in auditing a council's financial reports.
(4) In auditing the financial reports of the council, a council's auditor must
also audit the financial reports of any council entity and report on that
audit as part of the report on the council by the auditor.
(5) In this Part--
"council entity" means--
(a) a partnership, trust, corporation, joint venture,
syndicate or other body (whether or not incorporated) that a council has
formed or participated in forming or has acquired a controlling interest in,
other than an entity of a class prescribed by the regulations, or
(b) any
other entity of a class prescribed by the regulations.
