Commonwealth Numbered Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 No. 153 of 1997 - SECT 20

(1) A Commonwealth authority must keep accounting records that properly record
and explain its transactions and financial position and must keep those
records in a way that:

   (a)  enables the preparation of the financial statements required by this
        Act; and

   (b)  allows those financial statements to be conveniently and properly
        audited in accordance with this Act.

(2) The authority must retain the records for at least 7 years after
completion of the transactions to which they relate.

(3) The authority must make the records available at all reasonable times for
inspection by any director of the authority.

(4) If a requirement of this section is contravened, each officer of the
authority who:

   (a)  caused the contravention; or

   (b)  failed to take all reasonable steps to comply with the requirement, or
        secure compliance with the requirement; is guilty of an offence.
        Maximum penalty: Imprisonment for 6 months. Note: Chapter 2 of the
        Criminal Code sets out the general principles of criminal
        responsibility.