49. Audit of annual consolidated financial statements

(1) As soon as practicable after receiving the annual consolidated financial statements under section 48, the Auditor-General must:

(a) examine the statements and prepare an audit report; and

(b) give a copy of the report to the Finance 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 consolidated financial statements:

(a) comply with the accounting standards and any other requirements prescribed by the rules; and

(b) present fairly the consolidated 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 consolidated 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) The Finance Minister must cause a copy of the audit report to be tabled in each House of the Parliament as soon as practicable after receipt. The copy that is tabled must be accompanied by a copy of the annual consolidated financial statements.

Last updated: 13 January 2016