Victoria University of Technology Act 1990 - SECT 43 Audit of corporations

This legislation has been repealed.

Victoria University of Technology Act 1990 - SECT 43

Audit of corporations

43. Audit of corporations



(1) If the University-

   (a)  forms, participates in the formation of, or is a member of, a
        corporation under section 42(14) that is not incorporated or taken to
        be incorporated under the Corporations Act; and







   (b)  has a substantial holding in the corporation as defined in section 9
        of the Corporations Act with the modification that the reference to 5%
        in paragraph (a) of the definition of substantial holding in that
        section is to be read as 50%-

the accounts of the corporation shall be audited annually by the
Auditor-General.

(2) The following provisions apply to the annual audit under subsection (1)-

   (a)  the Auditor-General and any person assisting the Auditor-General has
        with respect to the accounts of the corporation all the powers
        conferred on the Auditor-General by any law relating to the auditing
        of public accounts;

   (b)  the corporation must within 3 months after 31 December in every year
        cause its accounts to be balanced to that date and a statement of
        accounts to be prepared and submitted to the Auditor-General;

   (c)  the statement of accounts shall be prepared in the manner and in the
        form approved by the Treasurer and shall present fairly the financial
        transactions of the corporation during the year and the financial
        position of the corporation at the end of the year;

   (d)  the Auditor-General must forward to the Treasurer a copy of the
        audited annual accounts.

(3) Without limiting the generality of subsection (2)(a), the Auditor-General
and any person assisting the Auditor-General-

   (a)  has right of access at all times to the books, securities, accounts
        and vouchers of the corporation; and

   (b)  may require from an officer or employee of the corporation or the
        University any information, assistance and explanations necessary for
        the performance of the duties of the Auditor-General or person in
        relation to the audit.

(4) The University must pay to the Consolidated Fund an amount to be
determined by the Auditor-General to defray the costs and expenses of an audit
under this section.

(5) This section does not apply to a corporation of which the University has
ceased to be a member before the last preceding annual audit.

(6) The Auditor-General is not required to audit the accounts of a corporation
incorporated or formed in a place outside Australia under this section if-

   (a)  under the law applying to that corporation in that place, the
        Auditor-General cannot be appointed as auditor of the corporation; or

   (b)  in the Auditor-General's opinion, it is impracticable or unreasonable
        for the Auditor-General to audit, or be required to audit, the
        accounts.



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