Commonwealth Numbered Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 No. 153 of 1997 - SECT 37

(1) Subject to subsection (4), the directors of a Commonwealth company must do
whatever is necessary to ensure that all relevant subsidiary's financial
statements are audited by the Auditor- General.

(2) For a subsidiary that is a Corporations Law company that, under the
Corporations Law, is required to have financial statements audited, the
Auditor-General's report must be prepared using the relevant rules in the
Corporations Law. Those rules must also be used for other subsidiaries, so far
as is practicable.

(3) The Auditor-General must give the report to the responsible Minister,
together with a copy of the relevant subsidiary's financial statements.

(4) Relevant financial statements of a subsidiary do not have to be audited by
the Auditor-General if:

   (a)  the subsidiary is incorporated or formed in a place outside Australia;
        and

   (b)  either:

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

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

(5) In this section:
relevant subsidiary's financial statements, in relation to a Commonwealth
company, means financial statements of an entity for an annual accounting
period of the entity, where the entity is a subsidiary of the company at the
end of that accounting period.