18. After section 31 of the A.C.T. Institute of Technical and Further Education Act 1987 the following sections are inserted in Part IV:
“31A. (1) For the purposes of subsection 87 (2) of the Audit Act 1989 , the Institute is declared to be a public authority to which Divisions 1 and 3 of Part IX of that Act apply.
“(2) For the purposes of this Part, in sections 95 and 96 of the Audit Act 1989 —
(a) a reference to moneys includes a reference to trust moneys;
(b) a reference to transactions and affairs includes a reference to transactions and affairs relating to trust moneys or trust property; and
(c) a reference to assets includes a reference to trust property.
“31B. (1) The first period of reporting of the Institute under section 97 of the Audit Act 1989 commences on 11 May 1989 and ends at the expiration of 31 December 1989.
“(2) Subsection 97 (1) of the Audit Act 1989 has effect in respect of its operation in relation to the Institute as if, for ‘30 June', there were substituted `31 December'.
“(3) Subsection 97 (4) of the Audit Act 1989 has effect in respect of its operation in relation to the Institute as if, for ‘30 June 1990', there were substituted ‘31 December 1990'.
“(4) The Institute shall, within 1 month after the day on which this section commences, submit to the Minister, for presentation to the Legislative Assembly, an audited financial statement of its operations for the period commencing on 1 January 1989 and ending at the expiration of 10 May 1989.
“(5) The Institute shall include in reports of its operations, submitted in accordance with section 97 of the Audit Act 1989 , details of any direction given under subsection 6 (3), and the number of approvals given under each of subsections 8 (1), 9 (1) and 10 (1), in respect of which approvals the Minister has not caused a copy of a statement to be laid before the Legislative Assembly.”.