South Australian Numbered Acts South Australian Numbered Acts20—Preparation of financial statements
(1) An
irrigation trust must, as soon as practicable after the end of each financial
year, cause financial statements in respect of that financial year to be
prepared in accordance with recognised accounting standards and cause the
statements to be audited.
(2) An audit must be
carried out by—
(a) a
registered company auditor; or
(b) a
firm of registered company auditors; or
(c) a
member of the Australian Society of Certified Practising Accountants; or
(d) a
member of The Institute of Chartered Accountants in Australia; or
(e) a
member of the National Institute of Accountants.
(3) A member of a
trust must not be appointed as auditor of the accounts of the trust.
(4) An auditor of a
trust has a right of access at all reasonable times to the accounts and
accounting records of the trust and is entitled to require from any officer or
employee of the trust or any other person such information and explanations as
he or she requires for the purposes of the audit.
(5) An officer or
employee of a trust or other person must not, without lawful excuse—
(a)
refuse or fail to allow an auditor access, for the purposes of an audit, to
any accounts or accounting records of the trust in his or her custody or
control; or
(b)
refuse or fail to give any information or explanation as and when required by
an auditor; or
(c)
otherwise hinder, obstruct or delay an auditor in the exercise or performance
of a power or function of the auditor.
Maximum penalty: $5 000.
(6) An auditor must,
on the completion of the audit, prepare a report on the audit.